Whether you are separated from or divorcing your spouse, or already divorced, what happens to your debts can get complicated. Below you can find answers to your questions about divorce and debt, including:
who is responsible for credit card debts
whether you should file for bankruptcy before or after divorce
My wife and I both have student loans. During one program, we consolidated the loans together with both names on the loan. Another government program allowed us to get a lower interest rate, which we applied for. The new loan appears to be in my name only, although it has both loans consolidated. Now my wife and I are getting a divorce. Will she still be liable for her portion of the loan?
My ex-husband incurred debt on a line of credit, originally issued in both of our names, after the divorce was final. He has since filed for bankruptcy, and the collection agency is looking to me to pay this debt. Am I liable?
Question I cosigned my ex-wife’s student loans while we were married. In our divorce decree, the judge ordered my ex-wife to pay her student loans. But she refuses to make payments. Now the lender is coming after me to collect the debt. Will filing for bankruptcy help me? If not, is there anything
Whether you and your spouse are liable for each other's debts depends on where you live. In the states with "community property" rules, most debts incurred by one spouse during the marriage are owed by both spouses. But this may not be the case in states that follow "common law" property rules.