After divorce is a spouse liable for debts if one files for bankruptcy?

Question

My ex partner is threatening to file for bankruptcy we have been divorced for 2 years and sold jointly owned property recently

Answer 1

Yes if the debts were incurred while married. My husband filed bankruptcy after I filed for divorce. They ended coming back on me for all the debt, even though he was responsible for the debt--the credit cards in his name, the house etc. I luckily had a "quit claim" deed on the house, which he ended up with, because 5 months after we divorced they foreclosed on it., they tried to come after me for it, however I issued them a copy of the deed and they left me alone. In a divorce it states who is responsible for what debts, make sure that you aren't paying for their debt, and you can always provide a copy of your divorce decree to creditors to have them collect from the ex. It doesn't stop the creditors from harassing you though. Good luck!

Answer 2

Speaking as a loan officer, the answer is yes but only if you two still have joint debt debt such as credit cards, vehicles, etc. Other than that you are not responsible for his bankruptcy. Please understand that if you had joint debt during your marriage and the divorce decree stated which ones you were responsible for and the ones he was responsible, the decree means NOTHING in the financial world.

My recommendation would be to check your credit report to find out rather or not any joint debt the 2 of you had while married has been paid and closed or your name was removed from his debt and his name was removed from your debt. If they are pay them make sure you close them. If they aren't try to get them refinanced to have your name removed from his debt and his name removed from your debt. Something your lawyer should have told you to do in the divorce.

Otherwise if you do not have any joint debt. His bankruptcy will have no effect on you.

Answer 3

the problem isnt with sold property it is with jointly held debt. If one party goes bankrupt they can go after the other party. This will negatively affect your credit rating if you are on any of the loans that are not paid. If you have an agreement in the divorce you can go after the spouse for the debts but bankruptcy wont help you.

Answer 4

not knowing the law on this i can only say what i think...usually it is a business that is bankrupt but of course if an individual has large debt then they also can become bankrupt.......seems to me that when you were divorced some two years ago your affairs were all taken into account and you settled with him through a lawyer...the property you sold would i imagine be split two ways after any mortgage was cleared if any.......i can only think that if you had joint debt after divorce that you would be liable to anything...

Answer 5

If they are still joint accounts, yes you are responsible. If the creditor isnt going to get their money from one person on the acct, they will go after the other named person on the acct. If your name is off everythng that ties you to his debt, you have nothing to worry about. Just be prepared to get a lawyer.

Answer 6

Consult an attorney....if you have joint debt hat you are both resposible for....well it might not be good for you, if ex does file and it is joint debt they could possibly come to you for the collection..maybe possible to file together......and well be prepared that if it is joint debt and you do not want to file and ex does...well my guess would be that you may have to pay the debt to keep your name cleared...good luck

Answer 7

If the debts were accrued in joint names then yes. Otherwise, whatever debts she got in to on her own, only she is liable for, and vice versa.

Answer 8

Only if his/her name is on those debts...ie in joint names

Answer 9

consult a lawyer to ensure you get accurate info. i wouldnt rely on responses you get here.