joint loans and bankruptcy
My common law husband and I co-owe on the mortgage, line of credit, and travel trailer loan. I want to declare bankruptcy due to my personal credit card debt (job loss). Do the joint debts become part of the bankruptcy?
My common law husband and I co-owe on the mortgage, line of credit, and travel trailer loan. I want to declare bankruptcy due to my personal credit card debt (job loss). Do the joint debts become part of the bankruptcy?
If you file for bankruptcy and your husband doesn’t. any unsecured joint loans you will be cleared from (i.e. no longer legally responsible) but your husband will have to ensure the payments are continued as he is also listed on the document (unfortunately you cannot clear your husband from a debt he has signed on by you filing for bankruptcy).
So the only debt you listed that will have much of an impact on is the line of credit as it is probably the only usecured debt of the three you listed (and secured debts largely operate outside of the bankruptcy process).