Can I save my credit by continuing to make payments on a joint account while my ex-husband files for bankruptcy?

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Can I save my credit by continuing to make payments on a joint account while my ex-husband files for bankruptcy?

My ex-husband and I have been divorced for 3 years. It was agreed that I would be the one using the joint line of credit. I have been the primary user and the one making payments on that account. He is now filing for bankruptcy. He has to include this account in the bankruptcy. The account was opened in CA but I now live in CO. The bank said that the account would be frozen when they receive notice of his bankruptcy filing. Can I save my credit by continuing to make payments on the joint account? What is the impact on my credit?

Asked on December 4, 2010 under Bankruptcy Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I would advise that you seek help on this matter from a credit specialist.  If you are joint owners of the account and you both signed the paperwork for the line of credit, the loan company can come after you for the entire debt.  It can have a negative impact on your credit, especially when they freeze the account.  Even if divorces are amicable - if that is truly ever possible - it is really best to cut off all ties with each other financially once the divorce is final.  The accounts should have been closed and paid off.  Otherwise, the bad judgements of your ex can come back to haunt you, as you are seeing now.  Seek help to see what your options are here.  Maybe a little negotiating with the lender will help.  Good luck. 


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