Deltona, FL Bankruptcy Law Firms & Lawyers

No, it will not force you to file bankruptcy if your ex-wife does. Your financial circumstances would have to be reviewed by a local bankruptcy attorney to see if you need to file as well. The problem could be that there might be a deficiency judgment entered against you.

If the truck was purchased during the marriage, and therefore the loan was incurred during the marriage, then the deficiency will likely be a marital debt that is subject to equitable distribution by the court between you. It should be listed on your financial affidavit as a liability in the marital debt column, or with the marital box checked. As a practical matter, if you are both on the loan and you surrendered the vehicle, and there is a deficiency, your credit most likely already shows a repossession or voluntary repossession, and the deficiency, on both of your credit reports. You could ask the court to utilize other marital assets, or cash, or the proceeds from sale of another marital asset to satisfy the deficiency.

If you filed a Chapter 7, you are required to stay current on payments. The Chapter 7 discharges your personal liability but does not make you current on payments. If you are not current, you need to get current or work something out with the mortgage company. If you were current before you filed and stayed current, then you just need to prove you were current to prevent the foreclosure, If you filed a 13 and used the payment plan to get current, you should have a order declaring your mortgage current. You can use this order to show that the foreclosure should be denied.