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I am bankrupting alone , but wife is on house note too. What effect will this have on a foreclosure?

Asked almost 3 years ago - Melbourne, FL

My wife and I are on note, house will go into foreclosure soon.

I am bankrupting alone. I know my wife will be subject to further House Note collections and the house will still foreclose sooner or later.

QUESTION: In general a bankruptcy will delay a foreclosure for a month or two while Lender lifts the stay, right? But what about in this case where wife is on note too, and not declaring bankruptcy? Will MY bankruptcy still delay the foreclosure a couple of months, or will LENDER continue the foreclosure proceedings right away because my wife is on the NOtE and NOT bankrupting?

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Attorney answers (2)

David Leibowitz

Reputation Level 11

Answered almost 3 years ago. Bankruptcy Attorney in Chicago, IL.

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Your bankruptcy might delay foreclosure for a short time. It will not help your wife at all. The foreclosure will continue within a month or two of your bankruptcy and your wife will be subject to a deficiency judgment. Perhaps she is not eligible for a bankruptcy if she filed within the past 8 years. You really ought to discuss this with an attorney who understands both bankruptcy and foreclosure.

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Margery Ellen Golant

Reputation Level 18

Answered almost 3 years ago. Bankruptcy Attorney in Boca Raton, FL.

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The automatic stay will be in effect until the court lifts it. However, by filing bankruptcy by yourself, you leave your wife vulnerable to a deficiency judgment. That is an odd thing to do. If you have an attorney, you should discuss this with your attorney. If you are trying to do this by yourself, you are likely to get in over your head. You should disccuss the options with an attorney who specializes in bankruptcy to make sure this does not turn out badly.

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