chapter 7?

[cdcellular]

What is the name of your state? missouri

my ex fiancee says shes filing for chapter 7

we own a home together

the home has little to no equity

i have been making all the payments myself since she left, i can afford the house on my own but that doesnt mean i want to keep it.

both of our names are on the deed and the mortage

i read that when someone files chapter 7 the courts will seize all assets and liquidate them.

i do not qualify to refinance on my own

i do not qualify to assume the mortage

what is going to happen to me?

[moburkes]

Nothing at all. Except that you will still be responsible for the payments, and the lenders cannot ask her to pay the deficiency balance if you are later unable to pay.

[cdcellular]

i was told that the court would order me to refinance in my name is this true? because i do not refinance. would her name be removed fromt the mortage?

[Ladynred]

I seriously doubt the BK court will order you to refinance the home. Since her liability for the house will be removed, it wall then fall solely to YOU to pay for it - which you're doing anyway. Since her name is on the deed, she will have to claim the house as an asset, so you'd better be sure of those equity numbers. Once the BK is over, ask her to quit-claim the deed over to you, the she'll be off it entirely.

i read that when someone files chapter 7 the courts will seize all assets and liquidate them.

Well, not exactly. Ch 7 IS called 'liquidation' but most people lose NOTHING in a bankruptcy. Since BK is not meant to leave you destitute and homeless, but a fresh start, there ARE exemptions, state and/or federal, that you claim to protect your assets.

Any assets that fall OUTSIDE those exemption limits is what a BK Trustee can seize and liquidate to pay creditors.