Ex Husband Bankruptcy Home Impact

Summary

Your ex-husbands Chapter 7 bankruptcy in Arizona could impact your home, especially if the transfer of the property is deemed fraudulent. Arizonas homestead exemption may protect your home up to $150,000. Consult a local bankruptcy attorney for personalized advice.

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my ex-husband signed a quick claim deed to my home, which we were both on the mortgage for five years ago. I have been paying the mortgage since it was obtained. My ex-husband is now going through bankruptcy and states that I may have a problem because he is still on the mortgage, is it possible that his bankruptcy which jeopardize my home?
Hello ****, your husband's bankruptcy can potentially impact your home. However, the effect depends on:
- Whether it's Chapter * or Chapter * bankruptcy.
- The laws in your state regarding marital property.
- The bankruptcy exemptions in your state.
Could you please specify the state you reside in for more accurate information?
Arizona
Hello ****, in Arizona:
- If it's Chapter * bankruptcy, your home may be at risk, since this type of bankruptcy involves liquidating assets to pay off debts.
- If it's Chapter * bankruptcy, your home may be safer, as this type involves reorganizing debts.
- Arizona is a community property state, which could affect how the home is treated in bankruptcy.
- Arizona has homestead exemption laws that might protect your home.
I believe it’s a chapter * since he has not been working at all. I don’t think he could do a chapter *. I have been divorced since * and he refinanced the loan with me right before the divorce so I could afford the mortgage on my own.
Given your ex-husband is filing Chapter * bankruptcy in Arizona and has quitclaimed the house to you:
- Your home may be at risk if the trustee can prove that the transfer was fraudulent.
- However, Arizona's homestead exemption may protect your home up to $*,*.
Please consult a local bankruptcy attorney for personalized advice.
Thank you so much
You're welcome, ****! If you need further assistance or have more questions, feel free to ask. I'm here to help.