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what affect will marital assets and debts have if one spouse files for bankruptcy during divorce proceeding
Woodbury, TN
Viewed 558 times.
Posted 11 months ago in Bankruptcy / Debt
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Bankruptcy:
If you are selling a home due to a pending divorce, where there is a mortgage, and one spouse declares bankruptcy.....Is the other spouse only responsible for half of the owed mortgage amount?
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Answers (2)Margery Ellen Golant
This attorney is licensed in Florida and 1 other state.
Posted 11 months ago.
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No. Normally spouses who accept responsibility for a mortgage are joinly and severally liable. That means the lender has the option of looking to one, or the other, or both, for full payment - at the lender's option.
If one spouse discharges the debt in bankruptcy, that normally leaves the other holding the bag for the entire thing. Please note that I do not practice in your state and that the above is not intended as legal advice.
Theodore Lyons Araujo
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