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Divorce is a very common occurrence in Jacksonville, Florida. The Daily Beast has ranked Jacksonville as the ninth highest city of the United States in terms of rate of divorces. Most of these divorced couples have a joint-liability on home mortgages. Since 46% of mortgaged homes are underwater, many people are unable to make refinance or settle the mortgage payments. In such circumstances, bankruptcy is the only option for these people. In order to remove personal liability from unpayable mortgage notes, the debtors are often left with the option of bankruptcy and refinancing.
Filing for bankruptcy by one ex-spouse often invariably leads to the filing by the other one too. However, this largely depends on the fact whether the house was purchased by the combination of both of their’s credit scores or not, and also on the ability of the non-filing partner to manage the mortgage payments individually. In case the individual’s ability to make individual payments is proved, he or she might also be capable of refinancing the mortgage, thus, allowing the removal of the other party from the liability on the note.
You can consult the best bankruptcy attorneys of Los Angeles & Dallas, TX, about the role of divorce in bankruptcy to make the right decisions for yourself. Please visit www.recoverylawgroup.com or by a call on 888-297-6203.