What to do if I’ve been divorced for almost 3 years and we had a timeshare and a car that were in both of our names but I defualted on the respective payments?

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What to do if I’ve been divorced for almost 3 years and we had a timeshare and a car that were in both of our names but I defualted on the respective payments?

Our divorce agreement says that the timeshare and car were mine to handle. The car was repossessed and I have been unable to pay on the timeshare, so they are both showing as negative on my credit. Would I be able to contact the timeshare company and the car company and have the debts transferred into my name? I may be in a position to file bankruptcy in the near future and want to include those debts without the companies going after my husband for the money. We have a very volatile history, yet we still share custody of our children and I do not want to aggravate this issue.

Asked on April 25, 2013 under Bankruptcy Law, Colorado

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

As a practical matter, if you are having financial problems your creditors have no incentive to release your ex-husband from liability from these debts. That having been said, since you are responsible for these loans as per your divorce decree, your husband could recover any sums paid by him regarding the loans. Yet, again, if you are having financial diffculties this may not be of much help to him. Additionally, his credit has most assuredly been affected at this point by your default sicne the loans are in both of your names.

Note: Your creditors are not bound by the terms of your divorce decree since they were not parties to it. Therefore, your ex is still legally liable for repayment to them.


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