joint loans and bankruptcy
December 24th, 2015 by Questions
I have two vehicle loans and a mortgage jointly with my ex-common-law partner; we have been separated for over a year and I am in a position where personal bankruptcy is a high possibility, how does this affect his credit because of the three joint loans we have?
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December 25, 2015 at 10:27 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
All three joint loans are secured, two against vehicles and one against real property. In the event of your bankruptcy, secured creditors will be able to realize on those assets to satisfy the loans. In the alternative your ex may wish to keep the assets and negotiate the payments. If there is insufficient realization from the assets to satisfy the loans he may become responsible for the deficiency.