If my ex-husband filed bankruptcy, what happens to the2 homes that I was awarded in the divorc, if his name is still on the mortgages?
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If my ex-husband filed bankruptcy, what happens to the2 homes that I was awarded in the divorc, if his name is still on the mortgages?
I have kept both mortgages current. He did sign quick claim deeds on both homes.
Asked on February 14, 2011 under Bankruptcy Law, Florida
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
First, it depends on when the quitclaim deeds were recorded and whether there was any equity in the property at the time it was transferred. It also depends on how long the lookback period is for fraudulent transfers in your jurisdiction and whether or not the amount you received was equivalent to what he retained or received in other property.
It also depends on what chapter he files, whether there's equity in the properties, whether he has sufficient exemptions under applicable law to protect any equity, and a number of other factors. There's nowhere near enough information to answer accurately. His obligation on the mortgages will be eliminated in the bankruptcy. Beyond that, you really need to consult with an attorney who can go through all the relevant information and facts to answer you more fully.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
First, it depends on when the quitclaim deeds were recorded and whether there was any equity in the property at the time it was transferred. It also depends on how long the lookback period is for fraudulent transfers in your jurisdiction and whether or not the amount you received was equivalent to what he retained or received in other property.
It also depends on what chapter he files, whether there's equity in the properties, whether he has sufficient exemptions under applicable law to protect any equity, and a number of other factors. There's nowhere near enough information to answer accurately. His obligation on the mortgages will be eliminated in the bankruptcy. Beyond that, you really need to consult with an attorney who can go through all the relevant information and facts to answer you more fully.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
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