Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Whose name is XXXXX XXXXX in?
Thank you for providing the clarification.
In the event that he was declaring bankruptcy, he was obligated to disclose the home because his name is XXXXX XXXXX mortgage. In bankruptcy you must disclose all of your assets and all of your debts. To the extent that he is filing Chapter 7 and not Chapter 13, he may be unable to keep the home, in which case you would be unable to stay in the home. You could contact the lender about buying the home, however, if you have credit issues, the lender may not agree to that.
Ultimately, unless the bankruptcy allows your husband to keep the home, you will be unable to stay in it and will probably lose it. I am sorry.
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If you continue to make the mortgage payments, they may be accepted; however this does not guarantee that they will allow him to keep the home. Since the loan is in his name, if he is trying to get out of the loan obligation to keep the home, they may demand that the home be sold to satisfy his debt obligation, in which case the payments may go toward what is owing on the mortgage, but it will not prevent the home from being sold and you from being asked to leave.
Unfortunately, you do not have the option of listing some assets and not other assets. When you declare bankruptcy all assets and debts in your name MUST be disclosed. To the extent that he changes the bankruptcy to a Chapter 13, he will need to agree to a payment plan with regard to the home and/or the creditors that he can payback (as opposed to the Chapter 7, which liquidates his assets to discharge the majority of his creditors). His ability to do this may depend on his income, his debt and his assets.