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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39164
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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My fiance filed chapter 7 in Aug 08 and was divorced in Oct

Customer Question

My fiance' filed chapter 7 in Aug 08 and was divorced in Oct 08. She hired a lawyer and signed a reaffirmation agreement with the mortgage company for her mobile home. Her husband at the time and co-debtor never signed the agreement and the incomes stated on the agreement includes his income. Is the agreement binding? Without my financial help she could not afford the mobile home and I do not want to assume the loan as the loan is much more than the property is worth. I'd like to see her walk away from the loan and home. Also her exhusband is still on the loan agreement even though he never agreed or signed the reaffirmation.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

A reaffimation agreement must be approved by the bankruptcy court. If it is approved, then it's binding by operation of law -- otherwise, not -- period, end of story.


Your fiance' can still walk away from the loan, but the creditor can pursue her, and her only recourse will be to try to avoid paying for the next 8 years, until she can file another Chapter 7.


New Mexico being a community property state, means that if you marry your fiance, then your earnings can be subject to paying your fiance's debts. So, maybe you don't want to get married for about the next 8 years. Or, maybe you want to move to a separate property jurisdiction, such as Colorado, Utah or Oklahomoa.


Hope this helps.


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Customer: replied 7 years ago.

The court records include the reaffirmation but in NM if the debtor is represented by a lawyer the court does not need to approve the agreement (i.e. stamp or sign the document). It is simply signed by the parties and lawyer However the now exhusband never signed as I mentioned. So for clarity she is bound by the agreement?

Expert:  socrateaser replied 7 years ago.

If the ex-husband was a joint debtor in your fiance's bankruptcy, and never signed, then we could be into some gray area where there is no answer, because the issue has never been litigated.


Otherwise, your fiance' is bound.