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The person filing BK MUST include all assets (the house) and all liabilites (the mortgage)...must..not an option. How it effects the other owner(s) depend on how they own the property and mortgage on it. Jointly ot In common are the two primary ways. Either way, it will effect you....and it is likely you would have to essentially buy out the others interest to most easily resolve the situation.

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14y ago
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11y ago

If you are one of the two people, it depends on what you have provided in the Debtor's Statement of Intention. If you intend to reaffirm the mortgage debt, you may have to have a hearing before a bankruptcy judge to determine if you can in fact continue to pay your share of the mortgage.

If you are surrendering your share of the real estate, the mortgagee may decide to foreclose, unless the other owner is able to pay the mortgage without assistance from you. If there is no mortgage, you may have to pay the chapter 7 trustee an amount equal to your share of the real estate's value, less any exemption that applies.

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Q: If there's 2 people on the deed and mortgage one files bankruptcy and includes the house?
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