Debt and Divorce
Posted on May 29, 2009 at 6:16 am
If I understand correctly, your concern is, you do not know if your wife is going to help you pay the debts since you are not in speaking terms and that the creditors are going after you and not her.
You have a cause to worry actually as she can file for bankruptcy and leave you the with the sole liability for all the debts.
Have you tried contacting her regarding the division of debt and not regarding the divorce or other personal issues? Maybe she would listen then. If she still would not speak with you, maybe you can ask your divorce lawyer to speak with her divorce lawyer with regards to structuring the divorce agreement around the protection of each of their clients finances.
Posted on July 13, 2009 at 3:29 am
Debt and Divorce, or should I say pay off the debt first before going through with the divorce?reposted from: May 29, 2009"My wife and I are deep in debt and at this point we are just not talking. There already are creditor calls and most of our debts were filed jointly. I know we are both liable for the debts and I just don't know how to go about the divorce and the insurmountable debt that we have incurred when we're still living in the same roof. Should I get a separate attorney for the debts? I already have a divorce attorney."
Posted on July 13, 2009 at 3:31 am
It is my understanding that if the credit card accounts are joint accounts, you will not be able to remove your wife's name. Only authorized users may be removed from credit card accounts.
With that being said, you can still cancel the credit card accounts, but even if you do both are still liable for the debt.
Debt and divorce, pay off debt first or divorce first?
If you file for divorce, I believe one spouse may be court ordered to pay the debt off, but I do not have a lot of information on this particular subject. Can anyone confirm?
Posted on July 13, 2009 at 3:32 am
With divorce, the judge will divide up both the assets and the debts. In light of the fact that you're behind on the debts, I would talk to your wife and try to figure something out until the divorce is finalized because you're both going to suffer in the future as a result of this from a credit standpoint. Even with a divorce settlement that divides the debts between you, the credit card companies will come after you both, and the credit reporting agencies will report any delinquencies on both of your credit reports.
Posted on July 13, 2009 at 3:34 am
debt or divorce first?
i would try and resolve the debt issues first before finalizing the divorce if that is at all possible. How much is it that you owe? Have you considered getting professional help for your debt issues?
Posted on July 13, 2009 at 3:35 am
i am in the same situation. my former husband and i have a credit card that we applied for and i don't know now who has the responsibility for it since we co-signed on it. i hope it will be him, i don't have any money to pay for any additional debts right now
Posted on July 13, 2009 at 3:45 am
Debbie, that is considered a joint debt, since you incurred the debt during the course of your marriage. You also need to keep in mind that any debts incurred by one spouse during marriage but prior to permanent separation are owed separately by that spouse, unless:
- the creditor considered both spouses for repayment, and had access to their credit info
- the debt was incurred for important family necessities
- the debt was incurred for medical purposes
Posted on July 13, 2009 at 3:54 am
what happens to the debt if one of us files bankruptcy? is it going to affect the divorce procedure?
Posted on July 13, 2009 at 4:23 am
It depends on if you live in a community property state or not. If you live in a community property state, your assets are split evenly, as well as your debts..
Can somebody verify this?
Also..did your spouse file for child support and alimony too?
Posted on July 13, 2009 at 4:25 am
im actually planning on filing bankruptcy to get rid of those..
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