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BK and Judgement ? about property!
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Posted by Just Me in MO
(152.163.253.37) on August 06, 2003 at 18:05:11:
Hi there! I am in MO and own a home with my husband. Last year my husband was added to the deed of my home/property to take out a refinancing loan to consolidate most of our debts. Everything is current with the loan. The loan is only in my husbands name. He is the only household income and every dime is used for living, nothing more. The house is deeded to both of us. The home has about $45,000.00 equity. Hubby has a auto repo (his name only before marriage) and a assumed loan on a trailer home (his name only before marriage)gone bad and was reciently put back in his lap, both secured by the purchase. We are not sure how that mess will turn out, due to the financing co./manufacturer filing for bankruptcy themself, but it is not over, I am sure. I called a BK lawyer about BK and the Tendency by the Entirety stuff and he said that the T b't E was not necessary to have to protect the home in a husband and wife situation, but didn't offer an opinion if my home is protected as it is now, either from BK or sale. He said I would have to come in.(Cha-Ching) More like clunk-clunk, because I am financially drained and can't afford any more cha-ching. Should I take steps to do the Ten.t/h/Ent. thing now anyway? He wants to file bankruptcy if he can. His credit is so trashed now anyway, 7 years doesn't seem so bad to start over. Sure beats the 7 years of hell he will be facing from being harrassed. Please inform me on this BK stuff. I have thought about refinancing the loan into my name only, since I qualify for a loan but also found that I can't remove my husbands name from the deed anyway, unless we were divorced (it became maritual property when his name was added), so I have thought about getting divorced, refinance in my name only and then re-marry some other time. Yes, this mess has got me thinking like a nut, but if it works, then we will do it. I then went on to find out from another lawyer that getting divorced would not be a very wise option, because it would look like fraud. Sheesh! What to do! Please advise! My question(s) are: Could my husband file BK7 on the remainder of his debts without including the home, since it is in both our names, even with the equity involved and the refi. loan in his name? If he gets sued in the meantime, can they make us sell the home to satisfy this mess and eat the equity? I am all for judgements against the home if the time comes, as the 10 year wait would not be a problem for us at all. But what are the chances of these judgements? Should I go ahead and get the Tendency to the Entirety deed anyway and hope it helps? What is the MO, SOL on auto repos? Thank you in advance, sorry for all the ?'s. Minnie in MO!
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