A clueless spouce
September 27th, 2007 by Questions
Hi, my wife whom i am separated from but am still in the process of working on getting back together has claimed bankcruptcy for monies she borrowed in her name alone. There is though a $20 000.00 line of credit in which we both signed for about 6 years ago. We used the money and refinanced our mortgage to pay it off in which time it was to be closed. She had not closed the account and used the max limit on the account without my knowledge. In her bankruptcy the $20k line of credit was apart of the bankruptcy but yet the bank is looking to me for the money, i have gone through 3 collection agencies and now a law firm has written a letter stating i have 30 days to pay in full. Am i on the hook for the entire amount? i really dont know what to do, i have not spent a penny of this money nor did i know the account still existed, any help would be greatly appreciated.Ty
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September 28, 2007 at 10:11 am, Barton Goth GCO Bankruptcy Trustees said:
IF you never removed your name from the contract then you are likely responsible for this debt. You may try reviewing this with legal council as you may get some benefit as a result of not having played a role in charging up the existing balance, but to me it seems like a long shot. Normally if you sign on the original debt it is your responsiblity to stay informed of where that account sits, how it is used and are ultimately responsible if you don’t.