I am getting a divorce. The mortgage on my house is in my name only. The title is actually in both names. My soon to be Ex-Husband still lives here, he is refusing to pay the house payment. He wants them to foreclose on me. I want to sell the house and use the equity to pay off some debt. The total equity after selling the house would be about $60,000. We have a total of other assets of $50,000. The total assets we have are $110,000. The total debt owed is $44,000. The equity and debt are supposed to be split 50/50, so 50% of the total equity left would be $33,000. If I file bankruptcy would I be able to keep a portion of the 33,000 to hopefully have for deposits on a new home to rent, or such? My soon to be Ex-Husband would not be filing for bankruptcy. How would all this affect him?
2006-10-28 13:46:33 · 6 answers · asked by NCWannaBe 1 in Business & Finance ➔ Personal Finance
Until your ex-husband is onboard with selling the house - you really can't do anything.
You need to continue paying the mortgage until a divorce court judge orders sale of property and the proceeds to be divided equally between you and your future ex-husband. In the meantime, you could obtain a pendente lite order meaning that your husband has to sign papers to list the house, accept a contract on the house and sell the house to the new owners. He will have to leave when the house is sold.
As for your debts - both of you are equally responsible. You could instruct the settlement company to pay some of the debts -but they are not obligated to do anything other than split your proceeds in half between you and your ex.
You can't really file for bankruptcy until the divorce is finalized - makes life a lot simpler to manage and saves you a lot more in legal fees and the like.
2006-10-29 14:32:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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RE How much equity am I allowed to keep when selling my house if I file bankruptcy?
I am getting a divorce. The mortgage on my house is in my name only. The title is actually in both names. My soon to be Ex-Husband still lives here, he is refusing to pay the house payment. He wants them to foreclose on me. I want to sell the house and use the equity to pay off some debt. The total equity after selling the house would be about $60,000. We have a total of other assets of $50,000. The total assets we have are $110,000. The total debt owed is $44,000. The equity and debt are supposed to be split 50/50, so 50% of the total equity left would be $33,000. If I file bankruptcy would I be able to keep a portion of the 33,000 to hopefully have for deposits on a new home to rent, or such? My soon to be Ex-Husband would not be filing for bankruptcy. How would all this affect him?
2014-10-04 02:26:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you file bankruptcy while married it will affect both of your credits. If you sell the house and clear your debts, you will not need to file bankruptcy. If you do file, all of your assets will be taken to pay of creditors.
Bankruptcy is when you have more debts than assets to cover them (including equity), which means there would be nothing left. If there were something left then you would not be filing ! get it ?
Also, there are new bankruptcy rules as of last year.
2006-10-28 13:54:58 · answer #3 · answered by kate 7 · 0⤊ 0⤋
Why doesnt she sell the living house if she incredibly needs to be sure those debts? She might get to maintain her living house, or they might tension her to sell it. you're saying she has a $50K lien on her living house which does not might desire to be paid till she dies. This sounds like a opposite loan, the place did that funds go???
2016-10-16 12:26:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The answer may be here.
2006-10-29 03:47:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
do you have the homestead act
2006-10-28 13:50:44 · answer #6 · answered by MAUREEN H 1 · 0⤊ 0⤋