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Thread: Chapter 13

  1. #1
    brent012000 Guest

    Question Chapter 13

    What is the name of your state? Tennessee

    I have two debts that were joint with my ex. In the divorce decree it was stated they would take the debts on there own and I was released...

    Now I am being told chapter 13 is being filed on EVERYTHING they have.

    Where does this leave me if I am still on the contracts?
    Am I liable still if they default?
    Will this screw up my credit because they are filing?

    ANY ADVICE?????

    I am unable to get out of the two contracts... so that is not an option. I am scared this will end up biting me in the butt as so many other issues have...
  2. #2
    Elmo-1 is offline Member
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    At least they're filing Ch13. That's good news for you because at least some of their debts will be paid. The most you'd be responsible for is what they don't pay. If your joint debts were secured, you'll be in the clear unless they let the assets go back. Talk to your attorney to see if you have protection from the divorce decree, but you can expect calls from creditors, especially if the debts were unsecured.
  3. #3
    brent012000 Guest

    unsecured

    Do the creditors have to honor what is stated in the divorce decree as far as me being released from all obligation and my ex saying they take full responsiblility?

    One of the two debts have already showed up on my credit as charged off because the ding a ling did not pay it!

    I would like to buy a home in the next two years and this will definetely hurt me...

    whats your opinion
  4. #4
    Ladynred is offline Senior Member
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    Unfortunately, creditors don't give a rat's butt about divorce decrees - if your name is on the contract, your liable for it and that's ALL they care about - who's got the money !!!
  5. #5
    brent012000 Guest

    rock and hard place

    Unfortunetly I have tried time and time again to explain this but the argument goes as far as me being told what the bankruptcy lawyer has said...
    I as the creditos do not give a rat's you know what if the lawyer believes one thing. It is what the creditors, lenders vultures say and do that concerns me.
    But again.... my ex says whatever, I'm gonna do this and you cannot do $hit about it!
    Guess that is why "ex" is so important when refering to who is causing the issue!

    Do you have absolutely any idea of what I might e able to do.
    My mother said to send ALL credit reporting agencies as well as the two lenders involved notorized statements signed by the "ex" stating they are taking full responsibility for the debts and that I am not to be contacted regarding payment on they are. But I have a horrible feeling they will send me back a letter filled with bla bla bla bla WE DON"T CARE bla bla bla WE WANT OUR MONEY bla bla bla TOUGH LUCK FOR YOU bla bla bla

    I am trying to be as hopeful as I can... It is not working...

    Can I divorce the lenders too? LOL
  6. #6
    Ladynred is offline Senior Member
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    Would be nice if you could

    The letter to the creditors and CRA's won't help, since they really don't care, they do not have to honor or abide by any divorce decree. All they know or care about is that your name is on the contract as a co-signer and they'll come after you for payment. IF your Ex goes 100% payback to unsecured creditors, they may not bother you. If his payback is only 10-20%, they probably will look to you for the rest.

    This is why divorce all too often = bankruptcy for BOTH spouses
  7. #7
    brent012000 Guest

    This sucks!

    I asked him if he would be willing to sign a statement stating that he is taking full responsiblity of the two debts that are still in my name.
    He said yes..

    My goal is that if he signs this notarized statement promising that he will pay all debts from these two and not hold me responsible I can have this later if he goes back on it. This way I can if ever necessary take him to court and sue him for the difference.

    I talked to my Lawyer yesterday and he said... I am bascially SOL but just as stated bfeore.. I should be thankful it is a 13 and not a 7.

    Should I put in the statement he signs that if I am contacted for these two debts for balances that he does not pay back through the bankruptcy that he will take full responsibility for it and promise to pay the debt?

    In a very real sense I feel as if I am asking the impossible... LOL Divorce and trust just don't seem to go together! LOL
  8. #8
    Ladynred is offline Senior Member
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    You can certainly try the statement, but don't be surprised if they ignore it.

    Your lawyer is right... be glad its a 13 and not a 7, at least some portion, if not all, will be paid back to unsecured. However, if he has the debt discharged, and you are included as a creditor, you will not be able to go after him at some later time for that debt.
  9. #9
    brent012000 Guest

    ARGGGGGH

    I must say I am very thankful for your insight.

    Just because you are giving me other things to think about.

    I would rather just ring his neck for puting me in this mess to begin with, but then that just goes into all sorts of other issues...
    LIKE PRISON! HA HA
    No I am just kidding. I am just really frustrated.

    As of Sept of NEXT year I will be out of that 7 year window for the Bankruptcy ding dong and I had long ago.
    BUT... because HE is filing it is going to effect me anyway...

    Oh well. I guess I should just be nice and hope that he will make the payments and do as he promises...

    I just do not want to be TOO nice, cause I really don't like him much!

    Opinion.... When I go in the future to buy something that will require a credit check. Do you (in your personal opinion) think the doccuments I have will help if I present them up front, or will I just get that far off look of... "ya gotta be kidding"?

    Thanks
  10. #10
    Ladynred is offline Senior Member
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    The document may not help you much when applying for credit.
    What may be more beneficial is to pull all your credit reports and see how things are being reported. HIS bankruptcy should not show up on YOUR credit report. The 3 CRA's recently lost a class-action lawsuit of that very thing.

    You may have more luck using disputes with the CRA's and some careful credit repair.

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