Posted on: 15th Dec, 2008 06:59 pm
My ex husband is filing for a chapter 7 to include the house, the cars and the credit card - all of which are still in both of our names. The decree assigned the credit card to him as well as his car. The car we purchased in both our names was listed in the decree as my responsibility. The house is listed in both our names and outlined that upon the sale of the house, the profit would be applied to the debt as outlined later in the decree. Since he is filing on joint debt and I have been the one who is faithfully making the payments because he can't... how does this affect me and my credit? Surely there is something set up for cases like this so that the one who isn't filing isn't scr*wed in the process...right?
It's in the state of Kansas by the way.
welcome talon,
if your ex-husband files chapter 7 bankruptcy, his property will be liquidated in order to pay off the creditors. if there is a property which is jointly owned by both of you, then the bankruptcy trustee may take your ex-husband's share of the property. however, in order to do that, the trustee may require that the property be sold.
as far as i know, if you are a co-signor with your ex-spouse on a debt, the creditor can ask you to pay the entire payment of that debt. this is irrespective of the fact whether your divorce decree assigns the debt to your ex-spouse. so in my opinion, you and your ex-husband should consult a bankruptcy attorney and get things cleared.
if your ex-husband files chapter 7 bankruptcy, his property will be liquidated in order to pay off the creditors. if there is a property which is jointly owned by both of you, then the bankruptcy trustee may take your ex-husband's share of the property. however, in order to do that, the trustee may require that the property be sold.
as far as i know, if you are a co-signor with your ex-spouse on a debt, the creditor can ask you to pay the entire payment of that debt. this is irrespective of the fact whether your divorce decree assigns the debt to your ex-spouse. so in my opinion, you and your ex-husband should consult a bankruptcy attorney and get things cleared.