I'm being forced in to bankruptcy (my soon to be ex is filing)?

Question

Since I have to do this, per my lawyer, should i stop paying on my credit accounts, pay the minimum, or keep paying more? I have good credit but a high debt to income ratio and because of the impending divorce I have been left with many expenses ... rent, utilities, tuition, etc... that I didn't have before. So, even though I have a much higher paying job then I did when we were together I am spending much more.

I am seeing my own bankruptcy lawyer in a few weeks...

My soon to be ex gets the house because he never put my name on the deed... and it was bought 2 months before the wedding... But I am financially responsible for the house because I'm on the mortgage.

I don't know what to do... I could use the extra money to pay for child expenses or save the money... If the damage is going to be done why pay?

Answer 1

You are only responsible for the house if you signed the note. If you are only on the deed then you are not responsible for the house. If you are in a dower state then you are entitled on the home and to at least 1/2 of the equity in the home

Answer 2

I would suggest you talk to the bankruptcy lawyer before you stop paying any bills.  I was told by someone who had been through bankruptcy that you can pick which bills you want to file against.  So, if there are any loans you want to pay off or any credit cards you want to keep you don't have to list them when you file.  

Answer 3

You have a couple of unanswered questions that I'd be asking my bankruptcy attorney. Is the house just in his name and you are entitled to the equity? The reason I'm asking...My ex and I had a house, 50/50 state, and I was entitled to accrued equity in the house, we divorced, he either had to sell, buy me out, I settled for an alimoney payment based on the current value in the home. But, it was still my house, just not financially responsible for it and I had copies of half the mortgage payments made on the house...Nice to keep receipts!!  Is the ex letting the house go or re-affirming on the loan??  If he's keeping it and re-affirming to continue to pay, you need to have your divorce attorney set up a quick deed to get your name off of the house, if he keeps the house, you have your name on it and then YOU file your bankruptcy, it gets discharged and say a couple years down the line, he defaults on the loan at that time, your screwed...so, make sure it's set up correctly and you protect yourself financially seeing you had good credit and it's come to this..Double check and make sure your name is not on the house, or is it just on the loan???? Been there and done that, had to file last year myself and get rid of the debt that piled on me because of the divorce. Now..with a bankruptcy...Student loans are not dischargeable, you are responsible to make those payments. My best advise.....when you go and see the bk attorney, make sure you ask all the questions you need to...make a list if you have to, that way you have all the answers covered...it's real easy to forget what they told you and you want to make sure you cover your butt on everything with dealing with the house situation. Good Luck!

Answer 4

These are questions for your lawyer or his/her paralegal.