My Ex-Husband is Not Paying My Debt Like He Promised in the Divorce. – Sheri
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“Dear Steve,
I am currently being sued by my credit cards for debts incurred prior to my divorce. During the divorce I gave the franchises to my ex although they were bought with a second mortgage on my house.
He is paying the second as required by the divorce papers but is paying late, once he missed 3 mos in a row. He is further ruining what little of my credit remains. I cannot get the house refinanced due to poor credit score so I have no way to pay off the credit card debt. I cannot claim bankruptcy because of the large amount of equity in the home.. I tried selling the home- bad market- no buyers.. I am frustrated and depressed. I have money in equity and no way to access it and every avenue seems to have been blocked. I dont know which way to turn… Do you have any ideas I havent already tried? Please help!
Is there any way to access my equity with such poor credit? (500-600) Was I given bad advice by bankruptcy attorney? I just need to know if there actually is a solution available without giving up the equity it took years to build. Thank you.
Sheri”
Dear Sheri,
This is a far too common problem faced by divorced couples. When you get divorced you legally divorce your spouse but not your creditors. Even though a divorce document may say that the ex is supposed to pay a specific debt, if they don’t it’s your credit that is damaged. Ultimately the debt is your responsibility.
If he isn’t paying it your option is to take your ex-husband back to court, at your expense, and try to force him to pay.
Equity on paper is not currency unless it is transformed to cash by a buyer or lender. Since the house won’t sell that tells me it is either not priced to sell at a fire sale sales price or there are no well qualified buyers in your market.
Why wouldn’t a Chapter 13 bankruptcy work for you? Were you trying to do a Chapter 7?
Big hug.
P.S. 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.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
Source: My Ex-Husband is Not Paying My Debt Like He Promised in the Divorce. – Sheri
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