BILL'S ANSWER
A divorce decree does not trump the contract terms in a loan, whether that loan be a credit card, mortgage, or vehicle loan or lease. You and your spouse signed the credit card contract, and a divorce does not rewrite that contract. You may ask, "But doesn't the divorce decree trump the loan contract?" No, it does not. Unless a court actually enters into an agreement to change its terms, an existing agreement remains in effect regardless of a subsequent divorce decree. The divorce is a new agreement between the spouses regarding their financial responsibilities, but it is not binding on third parties.
Your spouse may have done you a huge favor by converting joint debt to debt in your spouse's name alone. Check your credit score and ensure that those credit cards are indicated as closed or are no longer listed under your name. Go to AnnualCreditReport.com and get a no-cost, no-gimmick copy of your credit report.
Though you did not sign any recent contract, your former spouse may have included your name in the contract. Learn what you can about the consolidation loan, and your potential liability.
Consult with a New York attorney that handles debt issues and divorce to confirm you are no longer liable for the debts in question. If you have liability, learn the extent of your liability.
I hope this information helps you Find. Learn & Save.
Best,
Bill
Since you don't have facebook, please provide us with your location and a valid email address so we can answer it. Without a valid email address,we can't reply. (Go back to login with Facebook)
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
We get a lot of comments! To help us show our boss that this is a valuable service, so we can keep providing it, we ask you to do 2 things before commmenting:
Log in
Like us
Submit your comment!
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
Thank you for your comment. Your comment will be posted shortly.
No Comments