If You Have Any Queries, Ask Bankruptcy Adviser

By Petra Amelia on November 21st, 2007

(1 votes, average: 5 out of 5)

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Laurie Asks: I have been divorced since 2005, I signed a quitclaim deed at that time, giving him the home. However, I have just found out that my name is still on the mortgage, and he is refusing to remove my name from the paperwork. Regardless, I am filing for Chapter 7 bankruptcy this month. Will that effectively remove my name from the mortgage? How will the lender handle the situation? Will he have to refinance? Answer: at the time of filing, the house will still be in your name. This means that in the eyes of the bankruptcy trustee, your creditors and all other interested parties, the property is still an asset of your estate. Here are some things to consider: Because the property is still legally in your name, you must include it as an asset, just like your car, furniture and other property. Therefore, your case could face very tough and intense scrutiny. Please talk to a lawyer before filing your case. It will be worth the cost to know whether you will be facing a huge uphill battle to achieve the fresh start you seek.

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