Legal Question in Bankruptcy in Texas

Deed of mutual release

My wife and her ex-husband owed money on a time share condo that was purchased in Illinois but was upgraded to one in Missouri. The home office for this corporation is in Texas.

The ex-husband filed bankruptcy and this debt was included in his bankruptcy. My wife recieved a call from the time share office to see if she wanted to pay the back payments, and continue with the time share, or did she want to sign a ''deed of mutual release'' along with the ex-husband,to absolve all dealings,and debt, with the time share.

We don't really want to continue with the time share so should we sign this release? Will this have any bearing on her credit record since it was him that filed bankruptcy but both of their names are on the original deed? Thank you..


Asked on 9/04/03, 10:20 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Deed of mutual release

From the name of the document, it sounds like it will do the job, but you should really have an attorney examine the actual document to make sure that it does, in fact, release your wife with no continuing liabilities or negative consequences. Her ex-husband's bankruptcy should have no other negative influence on her credit.

Read more
Answered on 9/04/03, 1:22 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Texas