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Ex wife filed bankruptcy and truck is still in my name....

Asked over 3 years ago - Marion, AR

Before my wife and I seperated, she began Bankruptcy procedures. During that time and before we got divorced he filed and was granted banruptcy (the kind you pay back-she gets a certian amount held out from her checks)
In our divorce agreement it states that she is responsible for everything in her posision and i am responsible for mine. Our house is in my part and her name is on it and I am keeping current with that. We have a vechicle however that is in MY NAME and HER NAME and she has quit her job. So I need to know if this will affect me and my credit score if her banruptcy falls back and if so, how do i prevent that?

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Attorney answers (2)

Leon D Bayer

Reputation Level 9

Answered over 3 years ago. Chapter 13 Bankruptcy Attorney in Los Angeles, CA.

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I am sorry you are going through all of this hassle.

It sounds like she has filed Chapter 13 bankruptcy. I expect that your credit will suffer because of the joint debts that she is paying. Any debts that she fails to pay on time, such as by stretching out the payments in her Chapter 13, are going to affect your credit, because the original contract is not being paid as per the original agreement. The only way someone can prevent that is for you to pay everything yourself, on time, even the debts that she has agreed to pay! However, it is probably too late for that, even if you can afford to pay them.

You say that she has quit her job. I am guessing that she might even fall behind on the payments she makes to Chapter 13? If she winds up defaulting on the Chapter 13 payments, the car might even get repossessed, and the lender might sue you for a deficiancy. You might need some bankruptcy advice for yourself, right away, before things start moving too fast for you to react. You should see a bankruptcy attorney for some basic advice.

You can start to do some basic reading on bankruptcy by looking at my Guide. Follow the link.

Los Angeles Bankruptcy Attorneys Bayer, Wishman and Leotta

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Lesley Abigail Hoenig

Reputation Level 14

Answered over 3 years ago. Bankruptcy Attorney in Mount Pleasant, MI.

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Whether this negatively impacts you or not depends on whether the car gets paid for by her. Do you know whether the car is being paid for through the plan or directly? If it is being paid directly and she is continued to pay for it, you might not have anything to worry about. If it is being paid through the plan and she isn't paying the plan, it will definitely effect you and the lender will likely come after you for the debt.

Without knowing whether she is still paying into her plan or not it is difficult to answer your question, but you may want to consult both with your divorce attorney, as well as a bankruptcy attorney that does creditor side work. You might not have much to worry about if she's paying into her plan. But your divorce attorney and a bankruptcy attorney can certainly help you figure out the best thing to do in your situation.

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