What is the impact on my ex if I file for bankruptcy?

Posted on Friday, April 4, 2008

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Thirty years ago my wife and I applied for a personal line of credit at our local credit union. About fifteen years ago we got another line of credit at TD bank. About 2 years ago my wife separated and I agreed to take the larger loan. Right now we are legally seperated but never saw a need to be legally divorced.

Now I am having health problems which are causing me money problems and I need to know if I file bankrupcy can I can leave this line of credit out. The reason I want to do this is I need to pay as my ex is on limited income and I know she can`t afford to. Is this ok.

Filed under: Bankruptcy
 posted by Questions @ 3:18 pm
1 Expert Comment:

 At April 14, 2008 | 5:34 am , Barton Goth GCO Bankruptcy Trustees Said...

When you file for bankruptcy legally all your debts must be included, regardless of who else has signed on those debts. So in this situaiton if you file from bankruptcy you will need to list this debt, will be legally prevented from making any payments on this debt and legally cleared from this debt. The problem that will result is that if your ex is still listed on the line of credit, and I assume they are as the bank is very unlikely to have removed their name from the required documents, then they will be legally responsible for the rest of this line of credit.

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