Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Bankruptcy and marriage settlement agreement ?
Hi, I'm not looking for legal advice. I am waiting on an appointment with a lawyer, just stressing about this and wondering if anyone has any insight on what I should expect.
My ex-husband and I divorced in 2003 a marriage settlement agreement(MSA) was filed and off we went. In the MSA I was to keep our jointly owned car and make all payments etc. I remarried in 2004 and it failed very quickly, my then husband decided to file for bankruptcy and the lawyer suggested we do it jointly since I would end up with both of our debts if I didn't. So I did and kept my car and continuted to make payments because of the MSA, well around 2005 I was working 2 jobs and raising 3 kids and living in reduced payment housing/ getting food stamps and barely making it I finally begged the ex-h to help me make the payments on the car so I didn't lose it. Obviously he refused and I couldn't keep up, I talked to the bank and since my car was listed in the bankruptcy origionally I was able to turn it over and it was discharged as part of the bankruptcy.
So then in 2007 ex-h said he was being sued by the bank for the remaining balance of the car, $15,100. He later told me that due to some loop hole/error by the bank he didn't have to pay for the vehicle.
Fast forward to yesterday, I received a petition for rule to show cause and to enforce the MSA. It states that this debt has negatively affected his credit, his ability to refinance and his ability to obtain additional credit.
They want me to satisfy the $15,100 with the bank with accruing interest rate of 6% starting in 2009 and pay $500 counsel fees.
So I understand that even thought I did my best to hold up my end of the bargin when it came down to having a roof over our heads or this car one had to go, I never wanted this debt to go on his credit regardless of what I think of him. My big question is since 2007 not a word has been said about this and now at the end of 2014 I am served papers do I have a leg to stand on here? any recourse on my side? When I questioned him yesterday on what happened to the loop hole thing he said yeah I thought it was taken care of. But 7 years later?
Re: Bankruptcy and marriage settlement agreement ?
Wow, not easy to deal with. I have to agree with PP, that you will have to wait for your appointment with your lawyer to find out options. Can things come back to haunt you at a later day, unfortunately yes. My husband had bills that he hadn't heard about for years come back to haunt him 6 years later. Some how they never found him before but they found him now and after making sure the bills were legitimate, we had to deal with them (these were pre-marriage debts).
I know that many many years ago, I dated a guy whose ex had their car & it was a nice one & it got repo'd. The bank was going to bill him the difference for what they got for the car at auction & what was still owed on it. Since his name was on the title, even though she took it over in the divorce, his credit was still impacted by the repo. The bank let him buy the car, and basically he took out a loan for what was still owed on the car & paid it off & cleared things up. Obviously that's not an option for you. But car loans are something that the banks don't seem to care about what you agreed upon in your divorce. Hopefully your lawyer can get in touch with the finance company and provide them with documentation about your MSA and they will agree to remove the debt from your ex's credit history & then just work on figuring out what you need to do in regards to the debt shown for that vehicle. Good luck!!!
Sorry you are in this mess.
You need to talk with your lawyer as to how best to proceed.