My ex husband and I have about $30k in credit card debt. He agreed to take it in the divorce settlement but it is all in my name.
He isn’t paying everything as he needs to be and I’m getting all the collection calls. Telling the creditors that he is responsible and giving them copies of the divorce decree doesn’t seem to matter. I want to know if I have to file bankruptcy, is it only going to affect me or him as well since it was debt we accrued while married? I am not going to do it if he gets of scott free. All the accounts have been closed and have not been used since before the divorce so there is no new debt on them, only mutual debt.
If I file bankruptcy because of my ex-husbands failure to make payments on our debt that is in my name, will it affect him as well or only me?
When you divorce, you separate from your spouse, not your debt. The divorce arrangement is an agreement between the two of you, not between you and your creditors. Your creditors could care less about whatever repayment arrangement you made with your ex-husband. It’s your debt.
If he fails to pay or does not pay on a timely basis and it is in your name, it ruins your credit, not his. Unfortunately all of this falls on you.
If he is not going to pay it you have two choices. The first is that you could pursue him through your divorce attorney and the courts for payment. Second, you can go bankrupt and discharge the debt. If the debt is in your name alone then he does get off scott free in a way. Once you go bankrupt the creditors will not go after him.
This is not a problem that began with the divorce but at the time the credit was taken out in your name alone. If the debt had been in joint accounts then if you went bankrupt the creditors would go after him.
Bottom line, if you can’t pay the debt and you don’t want to be sued for any of this debt and you want to get out from under the collection calls then your bankruptcy is the answer. Otherwise, if you want to try to punish your ex-husband for not paying, leaving this debt to sit and rot is not the way to do it.
I am sympathetic to your plight. It is one I see over and over again and it never has a “perfect” outcome. The spouse being wronged always feels like they have been screwed over once again.
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.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.