Am I Screwed?
She ran up credit card debt to 20k,and quit makin payments over 6 months ago.All of the cards are hers,my names not on the accounts,but,her name,along with mine,is on the deed to the house,and its paid for.She comes home once in a while.She did try to get a consolidation loan,the bank said home equity loan,I said no way.The bill collectors are gettin ugly.How screwed am I?
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get advice from a lawyer...whatever one charges you could end up saving you big time! 0 -
You are not screwed at all from my experience. State laws may vary, but I think you are safe. Her creditors cannot sue you if you are not on the cards. And they cannot take or lien the house. Due process of law would prevent that. Amazingly I have seen credit bureaus with much more delinquent debt than $20K. Your wife may want to consider filing a Chapter 13 BK.
Edit: Upon thinking this threw more thoroughly, there is nothing that her creditors can do to you. I often have closed loans only in one spouse's name due to bad credit on the part of the other spouse, yet have titled the home in both names. If the bad debt of one spouse could threaten the financial outlook of the other spouse than the loan could never close. Further, the home in question if in jeopardy of being liened due to one or the others delinquent debt, it would not be allowed to be titled in both spouses names. Obviously you are safe.0 -
quote:Originally posted by Jimet
How screwed am I?
That depends on the laws where you live. See a lawyer ASAP. IMO you're probably out half the value of the house.0 -
quote:Originally posted by Henry0Reilly
quote:Originally posted by Jimet
How screwed am I?
That depends on the laws where you live. See a lawyer ASAP. IMO you're probably out half the value of the house.
Federal "Homestead" laws would prevent a lien from being placed on the home or a forced sale. If he is really worried about it, they can simply do a Quite Claim Deed to have her name removed.0 -
If you are married to her, you are indeed in trouble. I'm no lawyer, but you should put the deed in your parents or siblings name ASAP 0 -
Sounds like you were screwed long ago but just now getting set up for the big finish. 0 -
i know several people that has happened to. the first one to the bankruptcy court won, and the other was stuck with the outstanding debt.[:(!] 0 -
I appreciate the input fella's,but it looks like time to lawyer-up. I had a good lawyer,he had a heart attack and died past fall.Ya just can't depend on them guys. 0 -
The Bill collectors that call you can't do squat accept call you. Blow a whistle in the phone everytime they call. Promise them payments. See how long they will hold while you "go get the checkbook". All fun things!
All a bill collector is is some a-hole with a bad personality who was hired for that exact trait. Being a jerk.
Eventually they will give up and refer the bill to an attorney for judgement. They will get the judgement and then try to collect. Usually by attaching bank accounts or garnishing paychecks. It is super, SUPER rare for them to go after any property other than bank accounts and paychecks. Especially for an TINY, TINY amount like $20k.
It sounds as if you guys are near divorce though, if that is the case, you will probably be selling the house anyway (unless you can come up with 1/2 its value to give her in cash AND she does not want the house).
BTW: If you were "happily" married while the bills were run up, the divorce judge will probably order you to pay 1/2 the bill.0 -
My first wife did the same thing to me ...
Credit card companies would call while I was at work offering a card, she accepted 3-4 just before we got divorced and maxed them out. Then the credit card companies started calling wanting their money ... I made a payment on a couple of them before I talked to my lawyer.
My lawyer told me that thanks to the "Equal Credit Act" (1977) that there is nothing they can do to me and quit paying them.
Next time they called to threaten me, I asked them if they had ever heard of the "Equal Credit Act", told them that I had never used that credit card and it was issued without my permission ... it stopped the collectors cold in their tracks
Other than a couple calls wanting to know if I knew how to contact her it was the last I heard of it.
Good luck ... get a lawyer ... laws can change and your state may be different.0 -
These bill collectors can HARM you. The house is secure but they can get lawyers to file judgements and have her wages garnished. These sound as if they are unsecured credit debt.
Several years ago the Republicans passed new laws allowing more freedom for these credit card companies to go after debtors. I would contact each credit card company and offer to settle at 25% of debit. Most will accept 50% but start low.
The best advice is get a debt specialist lawyer and pay them for legal advice in your state. They know all of the ins and outs to get these TURDS off your back or at least get the issues resolved. With computerization, these debts will follow her for as long as she owes them. And yes they could come back and bite you.
Good Luck0 -
If you want intelligent advice on the subject I would head over to forums.kiplinger.com and register over there for these types of questions. 0 -
What do you mean by??
She comes home once in a while.0 -
I get the feeling that one little detail could mean the difference in screwed or "boinga-boinga".
..This same crap happened three yrs ago,cost me several thou. and I co-signed for consolidation loan.I can't help her this time,unless I sign for a home equity loan,negatory.There hasn't been a happily married couple here for yrs.I've been trying to keep up with the bills,and she's been tryin to keep up with the Jones's.She lays out 3-4-5 days,rolls in and says shes been cleanin for this one,or paintin for that one,tryin to make some cash to pay on her bills.I know she thinks I'm an idiot,she's told me,often.
..Enogh o' this,I think I see a country song in this response,thanks for your input,Jim0 -
You are not responsible for any of the cards. If there is a JUDGMENT against her, and she is on a JOINT account with you, they can garnish the money. You can fight it, and if you can show that x amount of that money is yours, you MAY win.
If something is owned by the entireties or "as husband and wife", i.e., a house, typically cannot be reached by creditors.
Now, if you start transferring assets now for less than fair market value, knowing of a debt, trying to defeat the collection, it is a fraudulent transfer, and it will be set aside. Even if you are in the clear doing this, why put it on the radar screen. If I was collecting the debt (and that is a good amount of my practice), I'd say "The only reason to transfer the house is becuase it was subject to attachment, therefore it's a fraudulent transfer". What are you going to say "No, I just felt like deeding over the house to my 80 year old mom for no money becuase I love her?" Didn't you love her 2 years ago? All you do is cause yourself a problem.0 -
It's called the screwing you get for the screwing you got.[:D]
Clouder..0
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