I’m a 30 year old single mom recently divorced. I was left with $15, 000 in credit card debt on my $14 /hr job. My ex-husband filed bankruptcy only on himself 4yrs ago during ruff times in our marriage, then proceeded to run up my credit cards. I am trying to keep my home so I have a place to raise our 4 and 6 year old boys.
My credit card debt is keeping me from being able to refinance into my name only and his bankruptcy is keeping me from being able to do an assumption loan. If I file bankruptcy, which is not what i want to do, ill lose my house. I’m at a loss for options and must have the house taken care of by Aug 17th to comply with my divorce aggrement. Any advice?
How do I resolve $15, 000 of credit card debt and get my house my ex-husbands name off my house without filing bankruptcy and lossing my house?
With so little time left before your deadline I don’t see any hope of accomplishing what you are trying to do. So let’s look at alternatives.
I assume that your ex-husband is paying all of his child support due. If not, go after him for it. It’s for the kids.
Negotiate an agreement to extend the deadline to refinance. The house probably won’t sell in this economic environment so he’s not gaining anything by you handing him the house.
If you are find it tough to make it through the month, go talk to a bankruptcy attorney and consider entering into a chapter 13 payment plan that will reduce your credit card debt and let you keep the house. If you do decide to go this route then the child support will not count as income for you.
With your current financial situation I just don’t see any way to either get you qualified for financing to refi the house and get his name off the house.
Just because this August date was part of an initial agreement, that does not mean that it can’t be renegotiated now.