Question: Excuse me if this is not the proper newsgroup for posting this question….. but the people here are so common sense oriented that I thought I would try here first.
My 32 year old niece just got divorced from her husband. Her husband racked up a LOT of debt on credit cards, truck payments, etc.
My niece’s name is still on these credit cards and truck loan papers along with her ex-husband. As a result she is responsible for the payment and struggling to make them. She is treading water and just keeping up with the payments as the interest rate is high enough to never let her make a dent in the principle. I know NOTHING abt declaring bankruptcy and she asked to me to chk on the Net and see if this is an option for her.
Or……. how can she get her name off these bills and make her ex-husband pay these bill since he racked them up?
Bottom line….. is declaring bankruptcy to be avoided at all costs…. or is it something she should look in to?
Answer: I’m not much of an accountant, so maybe I’m off base with this, but the principle is still the same, yes? So if the interest rates are lower, the payments can be lower since the interest isn’t as high, but won’t it take just as long to pay off the principle? Depends on the state and what assets and income are exempt from execution of judgment. For instance, I have a divorce client (I practice law in Wisconsin) who, due to medical emergencies is heavily in debt. He has four kids, his income is below the poverty level, and here all the judgments against him are worth less than the paper they are printed on.
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