I just received information from my spouse, whom I have been separated from for the last two years (divorce is on the way once the cost of a lawyer is gathered), that they are filing for bankruptcy. Will this effect me in any way negatively? The only thing that we have joint debt in is a promisory note that is related to our recent short sale on a condo we owned.

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Originally Posted by Jippedguy

I just received information from my spouse, whom I have been separated from for the last two years (divorce is on the way once the cost of a lawyer is gathered), that they are filing for bankruptcy. Will this effect me in any way negatively? The only thing that we have joint debt in is a promisory note that is related to our recent short sale on a condo we owned.

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"They" are filing? Your spouse and another person?

Sure it will affect you. If you signed a note jointly and your spouse is seeking a bankruptcy discharge of debts, you will be left holding the bag.

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Originally Posted by AK lawyer

"They" are filing? Your spouse and another person?

Sure it will affect you. If you signed a note jointly and your spouse is seeking a bankruptcy discharge of debts, you will be left holding the bag.

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"They" as in my spouse. We have a verbal agreement that my spouse is to be responsible for this promissory note; as I forked over my own sum of cash to pay off the second lender. As of now, I'm getting in touch with a local (Chicagoland) divorce and bankruptcy lawyer to find out what needs to be done in order to protect myself. I'm wondering if there is a way to force her into taking out a loan to pay off the promissory note and then she has to deal with the loan with some other institution that doesn't have both of our names on it.

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Originally Posted by Jippedguy

"They" as in my spouse.

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From your name, I guess it's a fair guess that you would be a guy. Therefore, unless you are in one of those same-sex so-called "marriages", the proper pronoun to use would be "she". You have something against using the correct word?

Anyway, I digress.

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Originally Posted by Jippedguy

I'm wondering if there is a way to force her into taking out a loan to pay off the promissory note and then she has to deal with the loan with some other institution that doesn't have both of our names on it.

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It's probably too late for that. And besides, she's teetering on bankruptcy. It's not likely that anyone is going to make her a loan.