How do I transfer debt to my husband’s name?

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How do I transfer debt to my husband’s name?

Because of my husband’s bad credit history, we’ve always applied for loans and credit cards in my name. Now, we’re facing separation and have 60k in debt overall, but it’s all in my name. He makes three times as much money as I do, and I will not be able to make the payments on my own. I’ve tried applying for loans in his name to transfer the debt but because of his bad credit they’ve been declined. He his willing to take on the responsibility of paying half the debt, but we don’t know how to divide it. Is there an easy way to transfer 30k in debt to my husband’s name without going to court?

Asked on January 14, 2011 under Bankruptcy Law, Texas

Answers:

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

Answered 10 years ago | Contributor

You do not have to go to court to enter in to a settlement agreement as to your assets and your debt.  But you need legal help with all of this.  You can not do this on your own.  Texas is a Community Property State.  Be aware of that.  And also be aware that even though your settlement agreement  - which is a contract - states that he is to assume a certain amount of the debt and pay it off, the credit card companies or whomever the creditors are do not have to change the debt to his name. They are not a party to the agreement.  And if he stops paying then it will be reported on your credit history and you will have to go back to court to get him to start again.  Maybe you should consider selling an asset to pay it off.  But an attorney will better be able to help.  Good luck.


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