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Sharing Responsibility for a credit card Legally?

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jbarko

Junior Member
What is the name of your state? NJ

My question involves finding the quickest way to share responsibility for a credit card debt.

About 5 years ago I was living with my semi-retired father when a house fire broke out. We made it out ok, but there was significant damage to the house. Slowly but surely over time, the house was fixed by insurance money however my father also built up a decent credit card debt in the process of waiting for money, upgrading windows to andersen vs no-name and other things in the same vain. I've long since moved out and have developed a decent career for myself, so about 3 years ago, I took out some credit cards of my own at 0% and transferred my dad's credit to my name so that he could take advantage of my good credit rating. His wasn't horrible, but because he was semi-retired and not old enough for soc. security and his pension he wasn't raking in teh bucks either.

Fast forward to last year. I get married. My wife understands that this 15K credit card debt i have is really my dad's - he makes ALL the payments on them regularly - I have not paid a dime. But she is REALLY concerned that should something happen to me tomorrow that all of this will fall directly on her. I cannot stress enough how this bothers her.

Needless to say, my fathers financial situation is still not great, but he does pay the bill on time. And I don't think that he'd get the great 3.9% lifetime rate that the card has now if he were to apply for a card in his name. I'm also not sure how many card applications it would take for him to get 15K worth of credit.

Is there any way that I can make that particular card responsibility his? Ie: A will, Legal Document of some sort, anything? Can anyone in a similar situation offer advice? Unfortunately this is causing much stress for my wife and I. She unfortunately thinks that my father is taking priority unless I get this debt in my father's name yesterday...and we've not even been married a full year....

Any help is MUCH appreciated.
 


Debt Guy

Senior Member
The debt is yours. It is not your father's.

The bank looks to you to pay. Period. It is your legal responsbility.

I can't think of any more ways to be direct on this issue and you need to accept it as fact.

It is not your wife's debt. If she poisoned you today, the credit card company could not make her pay.

BUT -- your estate would be looked to for payment. To the extent that your estate had non-exempt assets, the bank can get its money.

Only via that path would the payment of this debt affect her inheritance -- so in a roundabout sense, yes, she would have to pay.

The only way you can transfer the debt to your father would require the consent of the credit card company to release you from the debt. That would be a cold day in you know where.

My advice would be to have your father get this own credit and pay off your credit cards. His history is his history and trying to save on the interest cost is putting a real rift in your marriage.

Just my opinion.
 

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