Legal Question in Bankruptcy in New York

Divorce after One Partner Bankrupts

One partner bankrupts on mortgage, bankrupt goes through, only to find out that never refinced or deed transfer over to partner so name is still on deed and loan, now going through divorce am i intitled to equaty of home? I am not responsible for payment of morgae but if spouse misses payment it goes against my credit because i am primary on loan plus loan is garenteed throught va and would need also to be asumed by partner.


Asked on 10/13/02, 3:59 pm

1 Answer from Attorneys
Lance Spodek Lance Roger Spodek, P.C.

Re: Divorce after One Partner Bankrupts

It appears you both continue to own the property together. Since your ex filed bankruptcy only you remain personally liable on the loan (not just for credit reporting purposes but actual liability on the loan). If possible consider selling the house as that will cause the loan to be paid off. If not possible you must hope the ex continues to pay the mortgage when due to protect your credit.

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Answered on 10/15/02, 8:27 am


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