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    rekellyjr's Avatar
    rekellyjr Posts: 4, Reputation: 1
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    #1

    Jan 8, 2008, 07:34 AM
    Divorce then bankruptcy
    I live in ny state,my wife wants her name off the mortgage,then get a divorce,then she wants to file bankruptcy.what will happen? Thanks.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Jan 8, 2008, 07:44 AM
    There are several considerations. A married couple can file a joint bankruptcy petition, with one filing fee, not two; and, some lawyers may charge a discounted fee for a joint case as well. One cannot determine the merits of a bankruptcy case without a consideration of what equity you have in property you own, and how much you are allowed to claim as exempt from creditor/trustee claims.

    You wrote: "...my wife wants her name off the mortgage...." I don't understand what you mean by that; sell the property, foreclosure, etc.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Jan 8, 2008, 07:49 AM
    For your wife to get her name off the mortgage, the mortgage has to be refinanced in your name only. The lender might also require that she be taken off the deed at the same time. So she is putting the order wrong. You need to complete the divorce with the disposition of the house a part of the divorce. Once complete she can file bankruptcy.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #4

    Jan 8, 2008, 07:59 AM
    This is where an analysis of her equity in the home is important. She can't transfer more equity than she can claim as an exemption in her bankruptcy peititon. You will need to have your lawyer review your situation closely.
    rekellyjr's Avatar
    rekellyjr Posts: 4, Reputation: 1
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    #5

    Jan 8, 2008, 09:12 AM
    Quote Originally Posted by George_1950
    There are several considerations. A married couple can file a joint bankruptcy petition, with one filing fee, not two; and, some lawyers may charge a discounted fee for a joint case as well. One cannot determine the merits of a bankruptcy case without a consideration of what equity you have in property you own, and how much you are allowed to claim as exempt from creditor/trustee claims.

    You wrote: "...my wife wants her name off the mortgage...." I don't understand what you mean by that; sell the property, foreclosure, etc.?
    Thanks george,no I would like to keep the house.
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