by Amy  21/03/2021  0 Page Views
3 Comments  Family & de facto law, financial agreements, consent orders

Hi.

Background:  I have just recently found that some loan papers I signed several years ago with my ex, have now come back to haunt me!. I have been requested to sign more papers in relation to the first loan, which was for the business my ex owns and I have no part of, as far as I know. 

The martital home is security for these loans. I have spent over $10 000, on lawyers to get the house sold, only to recently find out that even if the house is sold, the bank will take all the proceeds to payback the loan. It appears they can chase me for $2 mill as well if I dont sign. My ex knew all this but chose to keep secrets.

Question:  If I declare bankrupty, will that get me out of the loans and mean the bank cant come after me for the $2 mill? There is no way I could come up with even a fraction of that amount of money.

How will being bankrupt affect my future? Apart from the mortgage on the house, I dont have any loans. My son is buying a phone through my name, but he could pay for it otright if need be. I have a credit card, I keep in debit: will that be affected? 

How will it affect my ex's business? the loans are for over $3 mill I believe.

I was told I couldnt get a loan for 5 years, but it would be all fine after that?