Expert: Terry Leeders - 1/19/2008

Question
my Ex- wife just filed for Ch 7 including all her Creditcards and also she included the First Mtg. What does this mean for me?  I have been paying the Mtg for over a year now.  Also I have tenants who have a lease with her.  Is this lease now Void?  and would this be considered abandonment of the Property?  She did not include the 2nd mtg.(both mtgs are Joint)

Answer
You can keep the property, and would have the right to the rental income.  Your divorce decree would come into play, if she was behind on the mortgage, you could collect it from her, despite the bankruptcy.  So, you should have her sign a quitclaim to you and assign her lease interest to you if she is dumping the property in bankruptcy.