QUESTION
What are my rights if my ex husband fails to repay a line of credit I co signed for?
Asked on Mar 25th, 2014 on Divorce - Florida
More details to this question:
We have been divorced since 2007. In our divorce agreement, it stated that he was to refinance his line of credit so I would not be liable for it. It was a line of credit for his business with a sum of $15000.00. He did not remove me and I have been contacted by the bank that I need to pay this. He has said he knows it's his but forgot to remove me. He had told the bank he would make the interest payments until he sold his house which is not on the market. He failed to ask the bank to put a lien on his house. Now the bank is coming after me for the payment. He says he will file bankruptcy and I will have to still pay. What can I do?
7 ANSWERS
Sorry, third party creditors are not bound by your dissolution Judgment. They are within their rights to seek payment from you. You can go back to court asking the court for relief from his failure to abide by the agreement. You should consult a family law attorney to review all of the facts and your options.
Answered on Mar 27th, 2014 at 10:29 AM
Dispute Resolution Attorney serving Seattle, WA
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Law Offices of Helene Ellenbogen P.S.
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Get a lawyer as soon as possible. Go to court on the basis of the hold harmless clause in your decree (it means he will be obligated to pay your attorney's fees) and ask the court to order him to have the creditor put a lien on his house. This will secure the debt against the house and allow the creditor to foreclose to collect the lien if he doesn't pay.
Answered on Mar 26th, 2014 at 3:29 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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File a motion in the divorce court for his contempt of that judgment the court can put him in jail until he refinances or pays it.
Answered on Mar 26th, 2014 at 3:28 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Tell him that property settlement are not dischargeable in bankruptcy and if you have to pay, you will move to hold him in contempt in the divorce proceeding and he will have to reimburse you.
Answered on Mar 26th, 2014 at 3:21 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an attorney, you are liable to the bank and he is liable to you. Generally such obligations are not dischargeable as to you in bankruptcy.
Answered on Mar 26th, 2014 at 2:42 PM
Get an attorney and file contempt against him. As far as the debt is concerned, the lender is not bound by the court order so they will continue to go after you. Get some legal advice as to how to protect yourself.
Answered on Mar 26th, 2014 at 2:29 PM
Social Security Disability Attorney serving Melbourne, FL
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Law Office of Robert E. McCall
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1. Pay the debt. 2. File contempt motion with the divorce court.
Answered on Mar 26th, 2014 at 8:40 AM