The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
  • Books
  • Categories
  • Coaching
  • Book Lynnette
  • Money Coach University™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
No Result
View All Result
The Money Coach
No Result
View All Result

My Ex Husband Filed Bankruptcy. Can I Get This Off My Credit Report?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Bankruptcy
Reading Time: 2 mins read
husband filed bankruptcy - AskTheMoneyCoach
16
SHARES
259
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Q: My ex-husband filed for bankruptcy without my knowledge before we divorced in 2008. The bankruptcy included a loan on which I was a co-signer.

Now my credit score has dropped to 525. Is there any way I can get this off my credit or prove that he filed bankruptcy without my knowledge?

A: This is a tough situation – and one that I know seems terribly unfair. That’s why I hate to tell you that, frankly, I don’t know of any way for you to get this information removed from your credit report for two reasons.

First, the loan account was already included in your former husband’s bankruptcy filing. That’s a done deal. So even though your ex-spouse filed for bankruptcy without your knowledge, the fact that he went ahead and included in his bankruptcy a loan on which you were a co-signer has dragged you into a messy situation.

Additionally, under the law when two people co-sign for a debt, they are each responsible for repaying that debt – even if you have a divorce decree that says he was supposed to pay certain outstanding bills.

When joint debts go unpaid, creditors have the legal right to seek repayment from each party, and to report to the credit bureaus that each of those individuals has unpaid debts, or debts in bankruptcy.

Only Time Will Help

Since you said your former husband “is making payments toward the bankruptcy,” I assumed he filed Chapter 13, which is a reorganization plan.

Under Chapter 13, you repay some or most of what you owed to creditors over a period of 3 to 5 years. While the bankruptcy is in repayment, that loan and that bankruptcy will continue to show on his credit report, and unfortunately on yours too.

The best thing you can do is to manage other aspects of your credit well. Pay all your bills on time.

Keep your credit card debt low. And don’t try to open new credit accounts, because inquiries will further lower your credit score.

Since you said you wanted to buy a new car, consider forgoing that purchase, or be prepared to save up money over a year or more to buy a car – or to at least have a very big down-payment, which might make a dealer more willing to offer you financing.

Over time, the impact of that bankruptcy filing will do less damage to your credit score.

Tags: divorce
Previous Post

My Husband is Active Duty in the Military. How Can We Save Money on a Tight Budget?

Next Post

Which Credit Report is More Important: Equifax, Experian or TransUnion?

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach, is a renowned financial expert, author, speaker, and media personality, empowering people to achieve financial success.

Related Posts

50 cent

Rapper 50 Cent and Bankruptcy: Myth Vs. Fact in This Money & Media Mirage

by Lynnette Khalfani-Cox, The Money Coach

Social media and the mainstream press have been buzzing recently about rapper 50 Cent and his Chapter 11 bankruptcy filing. If you’ve read any of the news coverage, or followed the stream of mostly snarky comments on Twitter or Facebook, you might be inclined to believe any of the following...

Video: How Your Bankruptcy Will Impact Your Future Spouse’s Credit

by Lynnette Khalfani-Cox, The Money Coach

A subscriber to AskTheMoneyCoach.com is getting married, but recently filed for bankruptcy. The person wants to know how her bankruptcy will impact her future spouse's credit report. According to recent data from the American Bankruptcy Institute, there were 1.2 million personal bankruptcy filings in the United States in 2012. If it’s...

5 Things to Do Before You Go Into Foreclosure

by Lynnette Khalfani-Cox, The Money Coach

 If you’re having trouble keeping up with your mortgage payments and think you might be headed for foreclosure, there are still some things you can do to ameliorate the situation. Millions of U.S. homeowners have had their properties repossessed in recent years, so if you’re on the verge of losing...

AskTheMoneyCoach.com bankruptcy

Can I Change My Mind After Paying for a Bankruptcy Filing?

by Lynnette Khalfani-Cox, The Money Coach

Sometimes, people who intend to file for bankruptcy protection have a change of heart once it’s done, or once they pay to have a bankruptcy initiated. According to a bankruptcy attorney, different procedures apply once the bankruptcy has been filed with a court, as opposed to when you have only...

bankruptcy

5 Reasons People File for Bankruptcy

by Lynnette Khalfani-Cox, The Money Coach

 According to recent data from the American Bankruptcy Institute, there were 1.2 million personal bankruptcy filings in the United States in 2012. If it’s increasingly difficult for you to cover all your bills, you find yourself using credit cards to pay for basic necessities, or you’re currently considering any type of debt...

cost to file for bankruptcy AskTheMoneyCoach.com

How Much Does it Cost to File for Bankruptcy Protection?

by Lynnette Khalfani-Cox, The Money Coach

 Approximately 1.2 million Americans filed for bankruptcy in 2012 and more than 1 million more individuals are expected to go bankrupt in 2013. Continued layoffs, foreclosures, rising healthcare costs and mounting credit-card debts are all still taking a toll on many people. If you’ve thought about filing for Chapter 7...

truth bankruptcy AskTheMoneyCoach.com

The Truth About Bankruptcy: It’s All Here – The Good and Bad

by Lynnette Khalfani-Cox, The Money Coach

Bankruptcy isn't a step that should be taken lightly. But sometimes, it's a necessity that simply can't be avoided. If you're overwhelmed by enormous credit card debts you can never repay, struggling with massive medical bills, or are barely staying afloat due to unemployment, bankruptcy may be a good alternative...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1534 shares
    Share 614 Tweet 384
  • What to Do if Your Spouse Stole Money From You

    1316 shares
    Share 526 Tweet 329
  • What to Do If You Can’t Afford to Leave Your Spouse

    1283 shares
    Share 513 Tweet 321
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1134 shares
    Share 453 Tweet 283
  • What Do All Those Strange Codes In My Credit Report Mean?

    904 shares
    Share 362 Tweet 226
  • Which Credit Report is More Important: Equifax, Experian or TransUnion?

    876 shares
    Share 350 Tweet 219
  • Do This Now If Your Wages Were Not Reported

    857 shares
    Share 342 Tweet 214

Categories

  • Bankruptcy
  • Budgeting
  • Building Wealth
  • Careers
  • Couples and Money
  • Coupons and Deals
  • Covid-19
  • Covid-19 Video
  • Credit Cards
  • Credit Reports
  • Credit Scores
  • Crypto
  • Debt
  • Entrepreneurship
  • Family Finances
  • Featured
  • Identity Theft
  • Insurance
  • Investing
  • Loans
  • Paying for College
  • Personal Finance
  • Press Releases
  • Real Estate
  • Retirement
  • Saving Money
  • Scams
  • Student Loans
  • Taxes
  • Uncategorized

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Book Lynnette
  • Money Coach University™
  • Home
  • Subscribe to Newsletter
  • Submit an Article

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist