My ex is considering bankruptcy
My ex and i have been seperated for over a year now. We bought a house together and it is still in both of our names but i have been making the mortgage payments. We also have a consolidation loan so that I can afford to pay all the bills in our names. So i have been faithful in making the mortgage and loan payment but now he wants to claim bankruptcy because of other loans that he got in his name that he can’t pay for. Will i lose my house if he claims bankruptcy, the consolidation loan was borrowed against the equity in my house.
You may want to consult with a lawyer on this issue as having his name one the property suggests that a portion of the equity will relate to your ex and if he files bankruptcy the Trustee is required to realize on this equity. In the worst case scenario, the courts could find that ½ the equity relates to your ex and if you are not able to obtain financing to provide these funds to his trustee then the house may have to be sold. Realistically, I don’t think the judge will go this far, especially considering you have been making the payments for an extended period of time, but it would be important you have someone there representing your interests.