thinking about bankruptcy, advice much appreciated!?
Me and my wife recently separated and have not officially divorced yet. Her name is on the deed since we signed her on, but the loan is under my name alone. Now that I have the house myself I can barely make the mortgage, and can not afford to keep going like this. I have been trying to sell the house the last three months at a break even price in SLC, UT, and no luck and not even an offer. I don’t know if I would be able to afford it even if I got some room mates.
I have spoken with an attorney and they said that my best option would be chapter 7, but how would that compare to just giving the house back to the bank?
And finally, my X wife is afraid it will hurt her since we are still married and her name is on the deed. I didn’t think so since the loan is just under my name, but she was also concerned about it looking bad to the courts and me losing any kind of custody over our two year old. We are planning on doing an uncontested divorce. Any advice would be great!