does being on a deed for a home open it up for seizure during bankruptcy?

Question

My ex and I are still married, though we've been separated for over 2 years. We bought the house that he has when we were married, though my credit was iffy at that time and I am not on the mortgage information.

I am severely in debt and am looking to file chapter 7 bankruptcy. I am on the deed to the house, but not on the mortgage. Does my filing bankruptcy put the house that he lives in at risk? Also, I'm filing for divorce on Tuesday and am giving him the house in the divorce.

I want to ensure that if I go into bankruptcy court they can't take my ex's house from him. I am also on the joint bank account that he has, but I'm going to go to the bank with him shortly to have my name taken off of it.

Any information on this would be appreciated. If I sign a quit claim deed for the house does that stop them from being able to take his house? What's the process?

Thanks

but what happens if I file bankruptcy and he doesn't? Will they go after the home to satisfy my debt? He has some equity in the home, but I'm not sure if it'll be enough to cover all that I owe.

I just don't want to make this divorce harder than it already has been.

Answer 1

All of these are questions best asked of a bankruptcy attorney. Misinformation could cost both you and your spouse.

Please, do yourself a favor, don't use an open forum for this, talk to an attorney. Most give a free, initial consultation. I would suggest using it if you are serious about bankruptcy and getting the right answers from the start.

Answer 2

I filed a chapter 7 8 years ago. My ex was on the deed, but not on the mortgage. I still have the house. In 2003 I bought her off, and I still own the house and I am still paying the mortgage company.

Answer 3

Talk to your lawyer on this one. There are ways of keeping the house out of the bankrupcy, but if you don't do it carefully, then the fact that you are on the deed could involve the house in the bankrupcy.