If bankruptcy is declared by a former spouse, how will that affect the disbursement of equity in a house held in both names?
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If bankruptcy is declared by a former spouse, how will that affect the disbursement of equity in a house held in both names?
The separation agreement stated that the equity, up to $100,000 would go to the wife and if there was less than that in equity, monthly payments would be made until that was satisfied.
Asked on August 13, 2012 under Bankruptcy Law, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If there is a filed marital dissolution agreement and judgment with respect to the matter that you have written, and the former spouse then files for bankruptcy protection, then the bankruptcy filing under federal law should not have a significant impact upon the dissolution agreement depending upon how it is written and its contents. I suggest that you may wish to consult with a bankruptcy attorney to confer about the matter you have written to be on the safe side.
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