Having just separated (which was a decision made by my wife alone), I have now been advised that she will be filing for bankruptcy. The 2 mortgages on it are in both our names and there is little equity in the house. Neither of us have much in the way of assets at this time, and I believe she is doing it to wipe out her student loans.
I am out of town visiting relatives to recover from the shock of being told it is over and I'm in need of some quick advice / information.
On my own I cannot come close to being able to afford the house. I am in the rare situation where she was the primary earner, even though both of us work FT. Can I simply surrender it, allowing it to be sold in the bankruptcy and hoping that the sale covers the mortgages (assuming that I would be responsible for 50% of any shortfall)? Or am I going to be forced into bankruptcy too?
Thanks in advance for any much needed guidance and advice.
I am out of town visiting relatives to recover from the shock of being told it is over and I'm in need of some quick advice / information.
On my own I cannot come close to being able to afford the house. I am in the rare situation where she was the primary earner, even though both of us work FT. Can I simply surrender it, allowing it to be sold in the bankruptcy and hoping that the sale covers the mortgages (assuming that I would be responsible for 50% of any shortfall)? Or am I going to be forced into bankruptcy too?
Thanks in advance for any much needed guidance and advice.
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