Joint line of credit with an ex-spouse

May 21st, 2009 by Questions

My ex-husband and I have a joint line of credit that the is unsecured with the bank. He pays it down but the bank refuses to release me from it because without me he does not qualify for the credit. I do because I own a home.

If he should declare bankruptcy, what happens to the account? Will he be removed from it leaving me shouldering this responsibility? He signed in our seperation agreement that he is responsible for payments and getting me off this loan as soon as he is able to, but it doesn`t look like that will happen before the next 5 years.

He uses bankruptcy as a threat, I just want to know if it is a threat that is grounded in fact.

Thank you for your advice.

Posted from: Ontario

Questions

One Response to “Joint line of credit with an ex-spouse”



May 22, 2009 at 8:21 am, A licensed trustee said:

You should really be speaking to lawyer that handled your separation – not a free website.

If he files you will be held responsible for the debt. You may be able to apply to family Court as he will have broken your separation agreement, but you need to speak to a lawyer about that.

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