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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My current husband got a divorce from his ex-wife about 4 years

Customer Question

My current husband got a divorce from his ex-wife about 4 years ago and quitclaimed his martial home over to his ex. At that time they had a joint 1 and 2nd mortgage on the home. He pulled his credit recently and his ex on the 2nd mortgage. I know he can sue her for this default and effecting his credit with a $173,000 charge-off (but he does not want to because of his children). We found this when we tried buying a home of our own and the mortgage company pulled our credit. They said after 3 years of the home being in foreclosure they would finance my husband, but if we do this do we risk losing our assets in the new home? Should we file bankruptcy (he will pass the means test, because I am not currently making any money) and start over on his credit?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

cfortunato :

Hi - my name is Chris and I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

Because your husband's name is on the mortgages for his prior home, any future assets that you and he acquire can be at risk - including another home.

cfortunato :

Filing a Bankruptcy can remove this risk - because a Bankruptcy can discharge his liability to pay those mortgages.

cfortunato :

So yes, it could be a good idea to file a Bankruptcy, which can also result (over time) in an improvement in his credit score.