My fiance is looking into filing bankruptcy. We are getting married in 2 weeks. We own a home together (@150k). He has a home in his name from a previous marriage (@350k) and her car is still in his name as well. The rest of his debt is his own debt. The exwife has since bought 2 other homes with her current husband and rents out the home that is in his name. He is in a bad financial situation because he owes approximately 600k (400k of it being HER debt that she wont get out of his name) and, therefore, his debt to income ratio is HUGE. We are wondering what will happen to our home and the things that he lost in the divorce but is till in his name if he files for bankrupcy???
This is a complicated question that needs a thorough review by an attorney with whom your fiance consults. Generally, if there's substantial equity in property, it could pose some problems for a bankruptcy. What your fiance should do is draw up a spreadsheet (or, in baseball terms, a scorecard), to make it easy for an attorney to understand what's what. Then he should bring all of his paperwork -- including deeds, mortgages, credit card statements, pay stubs, and tax returns -- to a bankruptcy attorney to review.
Congratulations on your upcoming marriage!
