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Divorce debt
Hi there.
When my ex-husband cheated on me and divorced me, we both agreed on who would pay for what... I would take the two credit cards(which I had to do credit counseling for) and my school loans, and my car payment. He said he would take his truck, our mortgage, and all our other debt which adds up to a LOT. I have since re-married and have a new baby. My husband and I are trying to pay off debt and build for the future... however after reading a free copy of my credit report I now realize that I am in serious trouble. I guess I didn't realize that even though my ex agreed to pay certain things, I am still liable for the debt. I cannot re-finance my car, buy a home, or pretty much do anything. My total debts including the ones he is paying monthly equal about 142,000. (counting the 100,000 dollar mortgage. My car payment is 377 a month, and I can't get rid of it, I pay the two credit cards by CareOne Credit Services, and I have student loans for a degree I never finished. My new husband has only a 1700. Dollar auto loan that is leftover from when he totaled his truck (they are trying to collect it but we don't have 1700 dollars! We are in over our heads. I am now trying to be a stay at home mom while my baby is little, and we are honestly trying to save for the future, pay off debts and make a life for our family. But I don't think it can ever happen with all this debt! Should I consider bankruptcy? I never thought I would have to ask that question but am I doomed to be a financial loser because of this? |
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Personally, I would not recommend bankruptcy.
Had you let the courts decide who is obligated to a given debt, you would be in a far better place. In my opinion. What happened to the credit counseling? Any resources you can contact there? Is your ex not fulfilling his agreed share? Have you personally contacted your debtors to resolve late accounts and negotiate remaining payments? That, I think, would serve you better in the long run than flagging yourself as a loser by filling bankruptcy. You may even need to show that you have tried to work these things out. |
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