should i file bankruptcy?

[dlen79]

What is the name of your state?
New York.

I am going through a divorce, and as part of the agreement, my husband should take me off an equity loan i co-signed for 150 thousand dollars. However he has not done so and I don't believe he will.. Meanwhile.. I have many credit cards and loans that I am not able to keep up with anymore, so far they are all current but it's getting hard. My question is, If i file bankruptcy what will happen to that big loan and his house? and I just purchased a car in August, will I be able to keep that car, i really need it and i won't be able to get another loan of course after that. Please help me clarify all of this as it's getting very stressing. Thank you

 

[GaAtty]

Attorney

If you file bankruptcy, it will stop your divorce proceedings the day you file. The judge on your divorce will have to know about your bankruptcy. If you file the bankruptcy, you will not be responsible for the large loan. However, since you describe it as an "equity loan" , that makes me think that you have some ownership in the property, which makes me wonder why you are not getting a part of the house. Why is the only benefit you are getting to be off of the debt? And if your name is on the house, you must list that in the bankruptcy as an asset. You really need to consult a bankruptcy attorney, as your situation seems difficult to determine what you need without more information.

 

[dlen79]

well... the house was his mother's and he changed it to his name after we were married... i never had anything on my name.. besides cosigning for the loan. and the only way i benefit from having my name off the loan, was so i could ask for a loan to consolidate all of my bills...
I'm not lucky at all.....