Olean, NY Bankruptcy Law Firms & Lawyers

I uncertain what you mean by reaffirm a loan. That is normally something that occurs in the course of a bankruptcy. No one "inherits" a loan, just the real property. Of course, once the property is in their names they will need to satisfy the lien that is the mortgage or the mortgagee (lender) will pursue its collateral; i.e., foreclose. They may find it necessary to refinance. Legal ownership and debt are separate things, even if they are closely tied together. This answer assumes you are not married and there are no joint owners of the property.

That depends on the type of bankrupcty. A Chapter 7 bankruptcy, under normal circumstances can take 3-4 months. A Chapter 7 bankruptcy normally can take up to 5 years, but you can purchase the property while it is pending, with permission of the bankruptcy judge.   

There is very little you can do under these circumstances. Even if your ex spouse hadn't filed bankruptcy, it is rare that the divorce judges will enforce their orders requiring the ex to refinance the property and take the loan out of your name.