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Ok I made some poor business decisions without my husbands knowledge. My name is on our home deed but when we refinanced several years ago he refinanced on his own. So I am on the deed but not on the mortgage.
Everything is in his name- the cars the house the bills etc. I have about 35,000 worth of cc bills that he doesn't know about and he recently lost his job so we are down to a limited income. I had set up payment plan with a debt company but I am seriously considering filing bankruptcy however do I have to tell my husband I am? what will it do to the house that I am on deed but not in mortgage?

Posted: Mon Nov 14, 2011 1:55 pm Post subject:

I believe the BK and the house loan, would depend on the community property laws in your state. Contact a local BK attorney, and they will advise you over the phone or in person as to your rights. If you are not in community property, and the debts are only yours, then only your debt/credit will be affected.

adonis · Posted: Mon Nov 14, 2011 7:10 pm Post subject:

Hi Guest,

If you file bankruptcy, then you will have to list the property as your asset. Your property may be sold off in order to pay your creditors. However, you can transfer the property solely to your husband and then wait for a year and then file bankruptcy. It is always a better option to let your husband know about your debts.

sabrinatoss · Posted: Mon Nov 14, 2011 8:55 pm Post subject:

Hello help,

Bankruptcy can eliminate a mortgage debt however normally bankruptcy is not necessary to eliminate a 1st trust deed. The home simply can go back to the lender in a foreclosure. Bankruptcy may be necessary to resolve a 2nd mortgage or trust deed. A 2nd trust deed will not normally bid at a foreclosure sale and it will become a unsecured debt which can be discharged in bankruptcy.

Idea

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