OMG, the debt is all mine ...

So, I've been talking about how we have an underwater house, 32k in credit card debt and no assets. My husband had originally asked to take on the 32k and have me walk away from the house. After some delibertion an consultations, this seemed like a good plan. Now that I've agreed he has of course, changed his mind and decided I should take on 10k in credit card debt and still walk away from the house and most of it's contents. Here is my main concern at this point. He told me that all of the credit card accounts were joint, but I've called them all and found (as I thought) that they are not joint accounts - I am the primary on them all, along with the phone, cell phones, and gas and electric. Also, he has continued to use the credit cards and rang up $800 in cell phone charges to his girlfriend on teh other side of the country (at the time but living in my house now. No, we are not even legally separated yet. She moved in two weeks after I moved out.) So, now i seem to be in a tight spot because it seems as though I'm taking a huge chance that I will walk away with 32k in credit card debt plus unpaid utility bills and still give away my house (which I can't afford anyway). Has anyone else dealt with this? What about insisting he get a loan to pay off the credit cards all at once? Although I doubt he'd agree, he won't even agree to let me take photo albums from the house (grrrrrr).

by Coraline 10 Posts
Posted on 10/22/2009 1:55 PM

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Answers for "OMG, the debt is all mine ..." (4) (You must be logged in to answer)

Thanks everyone.

spaznskitz we owe about $.65k and the comps are coming back at about $335k. Also, the house is in quite a state of dis-repair, so we'd take a hit there.

I

by Coraline 10 Posts
Posted on 10/27/2009 9:26 AM

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I agree with JFox624, I am in a similar situation. I closed everything that was joint. The only thing that's left with both of our names on it is the house. He has moved out of the house going on a year now and I have been living in my home since. I can't afford the home either and have applied for home mortgage programs through my mortgage company. The time it is taking them to review my application and get back with me is crazy and I have been living in my home mortgage free for the past 10 months. I am ready to have an answer already but have been using this time to try and pay off the other bills and debt that I have acquired. Not a pretty picture as I am sure my credit is taking a huge hit, but I know I will rebound. We both were willing to walk away from the home as we both can't afford it alone but I am glad it is me living in my beautiful home and not him and his girlfriend!

by baddlizz 256 Posts
Posted on 10/23/2009 8:09 PM

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Ok no brainer here (I'd hope anyway) anything that is in your name primarily - close. If the utilities are in your name, notify him they are being shut off and he needs to rebill in his own name. Any credit cards he is tied to - shut down.

Any of these cards/bills - regardless if you are primary - are going to be considered joint marital debt. So is the house. You aren't going to walk away debt free - but you aren't going to be saddled with the entire debt from bills either.

The contents of the house are assets - and lets deal with that seperately.

What I need to know is just HOW upsidedown you are in the house before I can give you any thoughts on the subject as to what to counter with.

by spaznskitz 7745 Posts
Posted on 10/22/2009 4:12 PM

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I certainly wouldn't take on that deal sister. No way, no how. If he wants this divorce, esp. cuz he's got a girlfriend in the wings,you may him pay financially. And if that means he has to take a loan to pay off the credit cards, a loan in HIS name alone, then he does. I would certainly not walk away from the house. Even if you can't afford it alone, I wouldn't walk away from it. There has to be some equity or, even if they were to foreclose on it, you still get to live in it for free for something like 9 months (at least here in Illinois you do cuz I've known quite a few people, some of whom are going on 2 years mortgage free while they are going through foreclosure). So stand your ground and do not let him get the better of you financially. Consult an atty (even through the local county bar association, they have attys who do pro bono work and can advise you free of charge I believe because I work in law and they have that all over Illinois and attys are required to do so much pro bono work here). So stand your ground, get some advise and don't let that man screw you any more than he has.

by JFox624 149 Posts
Posted on 10/22/2009 3:23 PM

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