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Bankruptcy/student loan/ property lien

My husband has an unpaid student loan that was owed before we were married over 18 years ago. The interest has doubled the original value and there is a lien on our house. He has always had difficulty managing money and also has some credit card debt of his own as well (I think we could manage the credit card debt but not the student loan which is nearing 20k). He does not make a lot of money and getting out from under this stress seems impossible. If he were to file for bankruptcy how would that afect me? We are jointly on the mortgage and two cars (both needed to get to work). What happens when there is already a lien on the house? Please help!!

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One Response to “Bankruptcy/student loan/ property lien”

A licensed trustee said...

The lien definitely complicates matters. You need to see if the lien is simply an Execution Order registered with the Sheriff or if the student loans obtained an actual charge on the house. The first can be dealt with in a bankruptcy or a proposal, the second effectively turns the student loans into a mortgage and therefore will have to be repaid in full at some point.

You will have to do some more homework – probably you should contacta real estate lawyer and have them investigate the matter further.