Indeminification or bust??

[Help me out]

What is the name of your state (only U.S. law)? Colorado
I was divorced last year, we arbitrated it with our respective attorneies instead of going to court to save money. I agreed to take on $38,000 of a Heloc loan that we jointly had at a local bank and she agreed to $23,000 of the heloc debt. we had 30 days to get the note refinanced into our separate names. I made sure that the court order spelled out that we were indemnified from each others debt, anyway I refinanced mine share, she did not, so here we are a year later and the bank is tapping my accounts for her share of the heloc, When I took her to court last march she told the court that she got remarried and quit her job and moved out of state, and has no address.
I am almost to the point of filing bankruptcy,

Can I some how get the bank to recognize the indemnification or am I stuck for her share?

 

[OHRoadwarrior]

It appears your recourse is to pay it, then take her to court for contempt or sue her.

 

[nextwife]

The bank is not a party to the indemnification. They are entitled to all the recourse, against both borrowers to whom they exteneded financing, to which their loan and the statutes, allow them. If she is in contempt: you need to take her to court. Who has the securitized asset?

 

[ecmst12]

The bank is not a party to your divorce agreement.

 

[latigo]

What is the name of your state (only U.S. law)? Colorado
I was divorced last year, we arbitrated it with our respective attorneies instead of going to court to save money. I agreed to take on $38,000 of a Heloc loan that we jointly had at a local bank and she agreed to $23,000 of the heloc debt. we had 30 days to get the note refinanced into our separate names. I made sure that the court order spelled out that we were indemnified from each others debt, anyway I refinanced mine share, she did not, so here we are a year later and the bank is tapping my accounts for her share of the heloc, When I took her to court last march she told the court that she got remarried and quit her job and moved out of state, and has no address.
I am almost to the point of filing bankruptcy,

Can I some how get the bank to recognize the indemnification or am I stuck for her share?

What you mean is that you want the bank to "honor" an agreement to which they were neither a party or benefited from.

Apportioning marital debts in family court is a common occurrence as are mutual save and hold harmless agreements, but neither the debtors nor the family court can unilaterally affect the rights of the creditor.

_________________

Also, before you get serious about filing bankruptcy you may want to review Section 523(a)(15) of the Federal Bankruptcy Code.

(a) A discharge under section 727, 1141, 1228(a), 1228(b), or 1328(b) of this title does not discharge an individual debtor from any debt -
* * * * *
(15) to a spouse, former spouse, or child of the debtor and not of the kind described in paragraph (5) that is incurred by the debtor in the course of a divorce or separation or in connection with a separation agreement, divorce decree or other order of a court of record, or a determination made in accordance with State or territorial law by a governmental unit;