I was divorced in 2008, after a lengthy separation. Finally in the past month my ex refinanced the house he obtained in the divorce, and I signed over my interest in it to him in order to get out from under a debt beyond my control.
I hold a credit card in my name which he ran to the limit and agreed to pay. He has been making payments on it and I have it frozen until he pays the balance. The problem is that he pays the minimum, about two days after the due date, so the balance is hardly reduced at all in all this time.
I have asked him if he could pay on time so that I could inquire about a hardship situation, but he is not paid in that cycle and will not change his schedule. I am not in a position to make the payment, and the rate is currently 29.99% because he pays late ( by days only) and incurs a charge near $40 every month on top of interest.
Before the divorce I had a good rating, and now I am in a sorry position no matter what I try to do. Apparently I am even on the line for the car he bought after the separation because I did not know to file against him within a specified period of time.
I did know know his whereabouts, much less that he bought a car, but because the divroce was not final I am secondary on his accounts? My credit was good before and I don’t ask for what I can’t pay, but my credit is in the toilet over this divorce. Is there anything I can do to restore myself?
I paid off many vehicles and paid the mortgage on time as long as I held the house, as well as keeping up with the credit card when I could account for it.
It really seems unjust that my credit is trashed due to the actions of my ex of 3 years, and there is no way for me to separate myself from that.
Any debt your name is on with him, remains your sole or joint liability just as it was before you got divorced. As long as you still owe on that debt and he does such a horrible job of paying the bill, it will negatively impact your credit.
Your only recourse is to take him back to court to enforce the divorce agreement if he is violating it, or you can go bankrupt and discharge your liability for any debt in your name, cut your ties to him once and for all and move on.
There is no other way to break this bond with your ex-husband over this debt until it is paid or discharged. When you get divorced, you divorce your spouse, not your creditors. Until that debt is paid in full you are at his mercy. And if he ever pays it in full and you are still being dragged along on this unfortunate and bumpy ride, make sure the accounts are closed. You don’t need him reopening them again.
I don’t know about you but the most logical thing to do is to click here to find a local bankruptcy attorney and discuss bankruptcy. If you went bankrupt and fell under a Chapter 7 bankruptcy, within months your bankruptcy would be over and you could begin to rebuild your credit. As it is now it sounds like it will be years and years before your situation changes with him in the picture.
And now you sadly know why a lot of divorced couples go bankrupt.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.