The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

What Happens to Your Debts if Your Ex-spouse Dies?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Debt
Reading Time: 2 mins read
student loan death discharge
11
SHARES
184
VIEWS
Share on FacebookShare on Twitter

Q: In 2006 my husband and I decided to divorce. We had many joint debts he was supposed to pay but didn’t.

Then he died unexpectedly in 2007. Now my credit is ruined.

Should I file bankruptcy or let those old debts fall off my credit report?

A: Under the law, any loans you co-signed for with your husband are both of your responsibilities.

So even though your husband did not pay the bills before his untimely death in 2007, this means that you are legally on the hook for all the debts you mentioned – including the three rental properties you owned together, the car lot, and that $17,000 bank loan that was in both of your names.

Filing bankruptcy will only exacerbate your credit problems.

You stated that you can’t secure financing for anything now.

That will only get worse if you file bankruptcy.

The Sting of Bankruptcy Will Last Longer Than Defaulted Loans and Foreclosure

You also stated that there is no way you can pay back all that was owed.

In my opinion, it would be better to let those negative marks stay on your credit for four more years or so, and then the damage will have been done.

It does not sound as if creditors are harassing you, trying to garnish your wages, or attempting to seize your assets.

In this case, if you owned a home and were trying to protect it, and you had many other mounting debts you could not pay, then a Chapter 13 bankruptcy filing would shield your own home from foreclosure and give you some financial protection from creditors.

But that does not seem to be an issue. You already have 3 foreclosures on your credit report based on the rental properties that went unpaid. Don’t make your situation worse by filing bankruptcy – which will stay on your credit report for up to 10 years.

Tags: death
Previous Post

Impact of Bankruptcy on Your Sallie Mae Loan

Next Post

How Can I Get Rid of $15,000 in Debt and Improve My Credit?

Related Articles

Debt Snowball Vs. Debt Avalanche: Which is the Best Approach to Pay off Debt?
Debt

Debt Snowball Vs. Debt Avalanche: Which is the Best Approach to Pay off Debt?

by Guest Blogger
FDCPA
Debt

How To Deal With Out of State Debt Collectors

by Lynnette Khalfani-Cox, The Money Coach
debt collectors
Debt

5 Tips to Protect Your Paycheck from Wage Garnishment

by Lynnette Khalfani-Cox, The Money Coach
get out of debt
Debt

The Pros and Cons of Paying Off Someone Else’s Debt

by Lynnette Khalfani-Cox, The Money Coach
jail debtors prison
Debt

4 Crazy Times People Got Thrown In Jail Because of Their Debts

by Lynnette Khalfani-Cox, The Money Coach
debt detox
Debt

The 5-Step Debt Detox That Improves Your Finances and Health

by Lynnette Khalfani-Cox, The Money Coach
Lynnette Khalfani-Cox How to budget better in 2015
Debt

How To Get Out of Debt and Get Financially Fit Now

by Lynnette Khalfani-Cox, The Money Coach
debt
Debt

5 Horrible Things About Debt That Have Nothing To Do With Money

by Lynnette Khalfani-Cox, The Money Coach
medical debt
Debt

Dealing with Old Medical Debt

by Lynnette Khalfani-Cox, The Money Coach
Next Post
pay off debt

How Can I Get Rid of $15,000 in Debt and Improve My Credit?

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

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.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 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