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7000 Peters Creek Rd., Roanoke, Virginia
1-866-260-5994 |
CCCS of Southwest Virginia |
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Divorce Decree & Credit |
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I recently am divorced. My ex-husband and I each received a car
in the decree. My car is now paid off. However, the car that he assumed
responsibility for in the decree is now going to be repossessed because he says
he cannot afford to make the payments on it and he is tired of being in debt. He
has not paid me a dime in child support and obviously has not paid his car
payments. Both of our names are on the car but I'm not sure if the title is
worded "or" or "and". Does it matter? Can my ex-husband just not pay this debt
and let them garnish my wages for this debt?
Teresa
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Dear Teresa,
The
counselors at MMI hear situations similar to yours every day. Unfortunately, a
divorce decree is between you and your husband and not your creditors. Creditors
legally do not have to honor the terms of your divorce and are within their
rights to try and collect debts from either responsible party.
It may or
may not matter who signed the original loan payments. In some states, whoever
signed the original contract with the creditor will still be obligated on the
debt after the divorce. In community property states, both parties can be held
responsible for debt acquired during the marriage, regardless of who signed.
Hopefully, you reside in the former. Check with your attorney for more
information.
Good Luck,
Susan
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CCCS, A Division of Money Management International
Regional Headquarters - 7000 Peters Creek Rd., Roanoke, Virginia
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096 |
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