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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2897
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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my husband and I are going thru divoece and division of equity,

Resolved Question:

my husband and I are going thru divoece and division of equity, we have a joint prperty, and he may be rewarded and monetary amount of his share in the equity. can i refinance and take his name out by bringing another person added in on the mortgage, or do i have to do a sale transaction rather than an refinance, I also want to file for bankrupsy in Virginia, and want to know if i can do that if my name is XXXXX XXXXX the deed of the property and not on the deed? please advise.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Thanks for your questions.

Terry L. :

First, you can file bankruptcy individually.

Terry L. :

Issues to consider are joint debts. These should be addressed in the divorce settlement agreement, so talk to your divorce lawyer about limiting your liability on these after bankruptcy

Terry L. :

Talk to your lender - refinance can take your ex off of the mortgage loan. it does not transfer title, that is done thru sale or thru quitclaim (signing it over).

Terry L. :

your lender may /may not want someone else cosigned on the loan -talk to your mortgage person about that. some do, some don't, depending on many variables.

Terry L. :

Whomever is on the deed is the owner of the property. The divorce process can allocate debt and assets though.

Terry L. :

Let me know if you have any other questions.

Terry L. :

Thanks

Customer:

thank u Terry, my x and i have accumulated $115k worth of cc debts and have made no payments due to severe financial difficulties, i may accept the debts on cc part of the bargain and want to file bankruptsy, but i want to know is there a way of me keeping my name on the deed only and someone else on the deed (maybe by selling it) and still be able to file??

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