the ex?

[helpme]

New poster...don't know much yet, please help! I am wondering....if I file for bankruptcy and reinstate joint debt still held by my ex and I together will her credit score be affected? How wiill it affect her? If she has joint accounts with others will it affect them? I was supposed to have moved this debt into my name 8 months ago.

[lrprn]

Well, your situation isn't the best - your 8 mo procrastination is going to bite you back.

If the joint debts are currently still in both of your names, if you file bankruptcy, the creditors will go after your ex to get their money...in other words, it's going to affect a lot more than her credit score. Whatever accounts your ex has with others that you have no connection with aren't affected if you file - only your debts matter along with any debts that someone else is responsible for along with you.

If you move co-signed debts over into just your name now and then file right away, that is likely to raise red flags of potential fraud. You'll have to wait for a number of months after successfully moving the debts over and confirming they are in your name only - not sure what the minimum wait time needs to be since there's a divorce involved in addition to the bk possibility. You need sound legal advice in this situation to be sure you are crossing all the Ts in the right sequence.

Good luck - keep us posted on what you decide to do, ok? This is a wonderful board with understanding bk-experienced people who want to help. Welcome and come by to ask questions or vent any time.

What are the debts? Secured or unsecured? Credit cards, mortgage, lender, pay day loan, etc?

[helpme]

The debts are unsecured joint lines of credit. If i have the debt reinstated it should not have a negative on her right? They won't go after her if I reinstate the debt? But what about her credit score? Does she have any say in whether and how I declare? A rigth to be present at any hearings? Sorry I know I have lots of questions.

[Danielle1981]

What they do and because it happened to my friend.....they do write in the notes under both credit reports about the bk. So people always thought she filed but in fact it was her father in law. And her credit scores did take a hit.

[helpme]

Thanks, I really don't want to hurt her any worse than I already have (long story), but am not sure what my options really are. I have some htinking to do, and lawyers are expensive. Our divorce settlement was complicated. While I owe on the joint debt, echnically she still owes me money from the house. It will come somtime in the next 15 months. Do I have to report this on my brankruptcy filing even though I don't know when it is coming? The time frame for getting it depends on if the sale preceeds the time limit.

[anonymuse]

Lawyers are expensive, but free consultations are not. Talk to several lawyers to get an idea of your options.

[Fedler]

"echnically she still owes me money from the house."
Huh? A mortgage or deed is a legal document. What ethics are involved here? Either she owes you legally or not.

You talk about "reinstating". I assume you mean "reaffirm". Well, you're gonna have a hard time convincing a trustee that you are able to "reaffirm" certain debts and not others. Unless these are secured creditors, you're gonna find a whole mess of trouble. You can't pick and choose which creditors to repay 'cause you don't want to screw your ex.

[helpme]

The divorce decree allowed for money to paid upon the sale of the house, or 2 years whichever came first. The house is in her name. The finances of the divorce are obviously messy.

[Fedler]

That's a contract. There's nothing "ethically" involved here. If she doesn't hold up her part, you have to sue her.

[anonymuse]

Helpme, I commend you on having ethics and not wanting to hurt your ex--so many people want to hurt the other in a divorce.

[helpme]

I guess I worry because I forgave the debt in aletter at one point but it was never filed w/ the court. But the original question is if I don't when I get it how does it apply in a bk? Do I have to acknowledge that I am owed that money? Am I really owed that money if I gave it up in time of regret?

[keepmine]

First of all, Fedler is an idiot and should be ignored if not banned.
Under Bk reform, debts that are your reponsibility due to a divorce decree are a prority and you may reaffirm.
Secondly, the bk should not show on the ex's report. There was a classaction settlement on this matter a couple of years ago. I'll post a link to the case at the end of my post.
You really need to see a lawyer about that forgiveness thing plus all of the other aspects of your bk. One of the questions asked at my 341 by the trustee was, "does anyone owe you money"?

http://www.myfaircredit.com/forum/viewtopic.php?t=764