Legal Question in Bankruptcy in Illinois

My divorce was finalized earlier in the year. My condo deed is now strictly in my name. We were unable to remove my exwifes name from the loan. Not a problem since I pay the entire mortgage. Now the exwife has declared bankruptcy. The mortgage company says this will not effect me and that it will remove her name from the loan. Is this true and is ther anything I should be concerned with?


Asked on 10/10/11, 9:49 am

1 Answer from Attorneys
Roseanne Lynch Bankruptcy Counselors, Ltd

There is no reason for concern. The Bankruptcy discharged your ex-wife from any financial liability for the loan so the bank could not get a money judgment against her anyway, removing her name is just a formality. Make sure that the bank is not attempting to modify other matters also, such as charging more interest to you. If the bank asks you to sign something it would be a good idea to have an attorney look it over.

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Answered on 10/10/11, 10:06 am


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