If my wife files bankruptcy and I am not on any of her loans. Will the court account for my income aswell?

Question

My wife bought a 1100 sq. ft. house for 260k before I married her. We have been married for 2 years and our house value is 190k. We are expecting twins. We pay 2100 dollars per month for this house on a variable interest rate + second mortgage and found that we cannot re-finance to a fixed rate because the value is lower than what we owe therefore next January we will be paying more for this house when the national interest rate goes up. There is no garage or extra storage space in the house to incorperate our new twin arrivals and we need something larger but we cannot sell the house for what its remotely worth in order to move. My question is if I buy a house based on my income and then have her file bankruptcy to lose the house we're in, will the courts recognize my income even though the house is in her name? I really think it is the only way to get a new start. We dont want to do the wrong thing but we are left with no choice, we need to move. Please help

Answer 1

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Answer 2

As long as your name is nowhere on the loan or the deed to your wife's house, then the answer is no, they cannot come after you for the debts for this house.  However, when it comes time for you to buy again, you will have to rely solely on your credit and income to get the next house, and not your wife's.  Try and find an alternative to bankruptcy.  Could you get a home-equity loan, and build on to the house to make it big enough for your needs?  Maybe also you could get a personal loan for the difference between the equity in the house, and what you owe, and get the fixed interest rate that way.  I would try every way that you can to avoid bankruptcy.  Good luck.