Q: Ex-boyfriend filing bankruptcy, will it affect me when we have a notarized promissory note?
I am a co-owner of my house (that my parents paid for) with my ex-boyfriend and we are separated because he had an affair. Both of our names are on the deedWe both had an agreement about things after he left the house. We have a co-signed home equity loan of about <$30k that he's the primary of and was responsible to pay. We also have a joint credit card that I am responsible to pay off. We both also have a signed and notarized promissory note that states that he has no claim to the house and once the loan is paid off that he will have to sign his name off the deed. It also states that if one of us breaches the agreement, the other can pursue legal action and the person that breached has to pay for all court and attorney fees. He hasn't been able to pay for the home equity loan for a while, so I have been paying for both the home equity loan and joint credit card. He is filing for bankruptcy soon and I was wondering if the promissory note will hold up for my benefit. Located in Texas.
A: Unless his name is on the deed, he has no claim to the property. He will likely be released from the promissory note on the house, but as long as you make the payment, nothing should happen to you.
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