Exhusband and BK- Shared Debt- Negatively Affect my credit?

[jennyj1974]

What is the name of your state (only U.S. law)? AZ

Hi There,

I have been divorced for 4 years. In my divorce decree my (ex) husband obtained the debt of our one and only credit card.

He subsequently never paid this debt and it charged off and was sold to an outside collection agency which is actively trying to collect.

My ex husband is now filing for bankruptsy and does not have this credit card information on his credit report as the card was opened by me 6 months before we married in 1994. ALL of the debt was accumulated by both of us in the marriage. However, per my divorce decree, he is legally responsible for the debt. He was an authorized user on the account and I was the primary. This debt IS showing on my credit report.

My concern here is if he files bankruptsy and includes this debt will it negatively affect my credit? Also, do the credit card companies recognize the divorce decree and will they finally relinquish me from responsibility? With the exception of this debt, I have perfect credit. I am worried.

Also, I own a home. It is my only significant asset. Can they take my home? The credit card was at $16,000 when we divorced and is now showing at $38,000.

Any answers would be most helpful. Thank you very much..

Jenny

[Country Living]

When was the last time a payment was made on this card?

[Gregeney]

The short answer is that it has likely been affecting your credit even after the divorce and will continue to do so. A divorce settlement does not remove your debt liability. It is possible that your best recourse is to go back to divorce court and move that your ex be held accountable for leaving you with debt that was to be his responsibility.

That being said, it matters which chapter bk your ex files. If it is a chapter 7, any debt assigned to him through a divorce settlement cannot be discharged. If the debt was assigned as a form of support, it even can't be discharged in a ch 13.

[nextwife]

Originally Posted by jennyj1974

What is the name of your state (only U.S. law)? AZ

Hi There,

I have been divorced for 4 years. In my divorce decree my (ex) husband obtained the debt of our one and only credit card.

He subsequently never paid this debt and it charged off and was sold to an outside collection agency which is actively trying to collect.

My ex husband is now filing for bankruptsy and does not have this credit card information on his credit report as the card was opened by me 6 months before we married in 1994. ALL of the debt was accumulated by both of us in the marriage. However, per my divorce decree, he is legally responsible for the debt. He was an authorized user on the account and I was the primary. This debt IS showing on my credit report.

My concern here is if he files bankruptsy and includes this debt will it negatively affect my credit? Also, do the credit card companies recognize the divorce decree and will they finally relinquish me from responsibility? With the exception of this debt, I have perfect credit. I am worried.

Also, I own a home. It is my only significant asset. Can they take my home? The credit card was at $16,000 when we divorced and is now showing at $38,000.

Any answers would be most helpful. Thank you very much..

Jenny

The creditor that agreed to extend credit to YOU, and with whom YOU ran up debt and you allowed a third party (ex) to run up debt doesn't CARE about what agreement you and ex came up with in your divorce. While your divorce decree may legally entitle you to go after your ex for recovery if he fails to pay your debt, you are the one responsible to the creditor, who was not a party to the divorce agreement. The creditor not agree to switch responsibility for the debt you had with them to a third party.