Bankruptcy halt forclosure ?

[azroth]

What is the name of your state? : colorado

seniorjudge sent me over here to ask this.

I am going through a divorce. My ex wife took responsiablity for the house we purchased together. She however, unknown to me, didnt make the payments and is now facing forclosure. She plans on filing bankruptcy. will her filing for bankruptcy alone halt the forclosure, or since both our names are on the house would we both have to file for bankruptcy to stop the forclosure.

I want to try to get the house sold, but its in a rural area and realestate dosent move quickly.

Thanks!

 

[JETX]

I am going through a divorce. My ex wife took responsiablity for the house we purchased together. She however, unknown to me, didnt make the payments and is now facing forclosure. She plans on filing bankruptcy. will her filing for bankruptcy alone halt the forclosure, or since both our names are on the house would we both have to file for bankruptcy to stop the forclosure.

Yes.... and no. The minute that either or both of you file your bankruptcy petitions, an 'automatic stay' is put into place that prevents your creditors from taking any action to pursue your obligation. That includes a foreclosure proceeding.

However, the creditor can file a motion to lift that stay, and if the court agrees (as is often the case in this type of debt), the foreclosure COULD go forward.

 

[azroth]

Thanks for the info!