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The Interplay Between Bankruptcy

In Thomas, the husband and wife married, divorce, re-married and divorced again. In the course of each divorce proceeding, the husband and wife reached a final comprehensive separation agreement followed by an agreed divorce. In the final separation agreement, the husband gave up his interests in the former marital residence and the wife agreed to make the mortgage payments on the first mortgage and to split the mortgage payments on the second mortgage with the husband. As part of her assumption of the first mortgage payments, the wife agreed to hold husband harmless thereon. A hold harmless agreement is “…a part in a contract when parties agree not to hold the other party responsible for loss, liability, or damage.’ Black’s Law Dictionary, Free Online Legal Dictionary, 2d Ed. Husband quitclaimed his interest in the former marital residence to the wife. The parties agreed to divide any deficiency arising from the sale of the property, but with all the net proceeds going to the wife in the event of a surplus from a sale. The parties did not address a judgment lien for more than $8,000 that attached to husband’s interest in the property before they entered into the separation agreement; the wife claimed she was unaware of the judgment lien at that time.

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