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If my boyfriend and I bought a house together and are both on the deed, if he files bankruptcy what will that mean for me?

Livonia, MI |

My boyfriend and I bought a house together, we are both on the deed however we have split up. I moved out of the house and I was just told he is considering filing for bankruptcy. I need to know what this means for me and what I need to do in this case. There is very little if any equity in the home so it is not a matter of loosing equity.. but I am worried what will happen to my credit in this case. If he is released from the debt of the house but I am not.. what legal rights do Ihave in this case?

Attorney Answers 3

  1. Since you are a co-borrower, the eventual foreclosure will negatively affect your credit.

  2. I agree with Ms. Smith. Unless you have a way of paying off the loan or arranging a short sale, your former boyfriend's bankruptcy is going to impact you, as well.

    James Frederick

    ***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!

  3. Great question. Unfortunately I see to many similar situations in my law practice. Your question did not specifically say, but are you on both the mortgage and deed? If you are on the mortgage, then the bank will discharge him in a Chapter 7 and likely turn to you for the money. Obviously, this could cause problems for you. I would suggest speaking directly with the ex and to discuss his intentions and how it may affect you. If this cannot be resolved on your own, then most certainly contact an experienced attorney to discuss your options. Hope this helps.

    The aforementioned "answer" is not considered to be legal advice. You are advised to contact an experienced attorney for legal advice pertaining to your specific needs. Furthermore, the above does NOT constitute an attorney-client relationship. France Law Group is a debt relief agency and helps people file for relief under the U.S. Bankruptcy Code.

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