Debt Help

[2xLoser-]

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

I am getting a divorce, was spose to be uncontested, now she wants me to take on more debt, I dont want to go the contested route, I just want this over with. My problem is that she wants to stick me with her car, it is in both our names, and i know i am responsible for the debt, but she was to take it, and now wants me to eat it, it has 38k left on the note, it is worth 19k (her bad decision that i supported).

Ok, thats what the problem, here is what i am stuck with, i moved out like 4 months ago, and she has created a ton of new debt since i left, if i decide to go the contested route, make her sell the house and all that... am i responsible for her debt she created since i left?

Basically, should i eat the truck to go uncontested instead of eating all her new debt?

 

[Ohiogal]

When did you FILE for divorce?

 

[mistoffolees]

Ok, thats what the problem, here is what i am stuck with, i moved out like 4 months ago, and she has created a ton of new debt since i left, if i decide to go the contested route, make her sell the house and all that... am i responsible for her debt she created since i left?

If you had not filed for divorce, then you are responsible for half. If you had filed for divorce by then, then you shouldn't be responsible.

 

[2xLoser-]

damn, not what i wanted to hear... i have filed the petition last week, but i have been out of the house for 4 months, and she has continued to rack up the debt.

so basically, i need to eat 20k in negative equity in a car that i will never drive... crap.

 

[mistoffolees]

damn, not what i wanted to hear... i have filed the petition last week, but i have been out of the house for 4 months, and she has continued to rack up the debt.

so basically, i need to eat 20k in negative equity in a car that i will never drive... crap.

Well, you'll have to pay for HALF of the negative equity - unless you can work out a deal with her that she takes on a larger share.

 

[2xLoser-]

thanks for the help

 

[Ohiogal]

Well, you'll have to pay for HALF of the negative equity - unless you can work out a deal with her that she takes on a larger share.

Not quite. Spouse who is driving the car who gets the benefit of the car will be paying the debt on the car.

 

[mistoffolees]

Not quite. Spouse who is driving the car who gets the benefit of the car will be paying the debt on the car.

IF she keeps it. But if it's underwater by $20 K, she'd be foolish. She's better off to sell it and he'd then be stuck with half of the negative equity.

 

[2xLoser-]

i didnt think of it that way, she has to eat 1/2 the debt too... but how do you get rid of a vehicle that you are 20k upside down in without ruining your credit?

 

[mistoffolees]

i didnt think of it that way, she has to eat 1/2 the debt too... but how do you get rid of a vehicle that you are 20k upside down in without ruining your credit?

You tell the court you want it sold and for each party to pay half of the whatever debt is left after the sale. As long as the debt is paid off, it won't damage anyone's credit.