Should I file bankrupcy ?

[salata]

I need advice from anybody who has expertize in bankruptcy matter and credit reports matters.

One year ago I divorced but by my mistake I still had joint bank account and credit card with my ex husband in Bank of America.

Basically bank account was mine and credit card used only my ex. Same time ago I realized that I had 0 balance on account, whats happened ? My ex max out credit carts and stop paying them. On "ours" joint card it is $ 45.000 balance and bank took money from joint checking account to cover theirs loses (is this even legal ?).

So main question is whats better for me, file bankruptcy and start fresh or wait 7 years until collection which I already have could be removed from my credit report.

I got problem only with this one credit card which shows as collection account on my credit, all other items on my credit are in good standing and my TransUnion fico score is 649.

Thank you.

[Jaymes]

Did he charge the card up after separation? If so, talk to your divorce attorney. Usually, at least here in California, there are provisions in the Order of Dissolution (called a Divorce Decree in other states) that you can't charge any additiona community debt. If the card was yours, in your name initially, your mistake was not taking his name off of the card or closing it altogether. This is definitely something you will want to discuss with your attorney BEFORE even thinking about something as drastic as bankruptcy, especially if this is your only derog. It may even be a crime in your state for him to charge on your card after separation.

[salata]

All this starts happening during our separation, my husband had his credit card I had mine. I forgotten about this BOA card to which years ago my husband added me as joint owner to improve credit at that time.

So once again same question, whats is better file bankruptcy or just hold still and wait 7 years until collection will be removed from my credit report ?

[mysschevous]

If that is the only item on your CR that is derog, I would say to not file BK. Are they actively trying to get you to pay the balance or did they already take it from your savings?

[salata]

They once took all my savings ($ 6000) from my checking account, They also canceled my other credit card which I had with them and which I still paying and receiving statements from them. Nothing regarding $ 45000 collection account, no calls, no letters. This card my ex had for long time before We meet so maybe they pursuing him.

Also I'm little worried that even if I'll wait next 5 years ( already this account is 2 years in collection status) and do nothing, at same point they could sue me and force me to file bankruptcy. That why I ask if make sense to file bankruptcy and start reparing credit just after. At least 2 years after bankruptcy I could start looking for mortgage but with collection like that nobody going to lend me anything even with my positive credit score.

Funny thing, on my credit reason for my score is delinquency and proportion of balances to credit limit but nothing about collection account.

[soccrstar]

I need advice from anybody who has expertize in bankruptcy matter and credit reports matters.

One year ago I divorced but by my mistake I still had joint bank account and credit card with my ex husband in Bank of America.

Basically bank account was mine and credit card used only my ex. Same time ago I realized that I had 0 balance on account, whats happened ? My ex max out credit carts and stop paying them. On "ours" joint card it is $ 45.000 balance and bank took money from joint checking account to cover theirs loses (is this even legal ?).

So main question is whats better for me, file bankruptcy and start fresh or wait 7 years until collection which I already have could be removed from my credit report.

I got problem only with this one credit card which shows as collection account on my credit, all other items on my credit are in good standing and my TransUnion fico score is 649.

Thank you.

 

Oh yea, its perfectly legal for Banks to do that. Happened to my Mom. Had a personal loan through the bank that defaulted but instead of taking the money out of the checking (which she banks everything with same bank) they added to her mortgage.

 

If you show effort to pay than they generally won't do it. I have bank of america checking and charged off a CC with them. They never went into my checking to grab the money cause I make small payments. Plus they see where all my money goes and evaluate things accordingly.

 

I'd stop using the joint checking, close it, and open your own individual account at another bank

 

How much did they take out from your checking? chances are that they'll sue you for the remaining balance and/or continue to put their pawns in your account as long as you keep putting money in there

[salata]

They took $ 6000, all my savings. You right, I closed my account long time ago with them, it's not fine wakening up one day without any money on which you considered as your backup fund.

[Jaymes]

My original advice was to contact your divorce attorney. Have you done that? If he started charging during your separation, this should be his debt and you can probably sue him.

[salata]

My original advice was to contact your divorce attorney. Have you done that? If he started charging during your separation, this should be his debt and you can probably sue him.

 

This is very good advice but too late for that. We are already divorced also even if I can i don't want sue him because he did a lot good thinks in my live and we are still friends. He doesn't has any money, a lot of problems so even if I won I'll make another judgment on his credit but BOA will still considered me as responsible for this debt as joint card holder.

[Jaymes]

This is very good advice but too late for that. We are already divorced also even if I can i don't want sue him because he did a lot good thinks in my live and we are still friends. He doesn't has any money, a lot of problems so even if I won I'll make another judgment on his credit but BOA will still considered me as responsible for this debt as joint card holder.

 

 

Well, I guess you and I have very different opinions on what a friend is, and of course I don't know the background. But I respect your decision.

 

I just went in and re-read your original post. I think I misunderstood some things, so let me see if I'm getting this right:

 

1) It's a $45K debt? Yikes!

2) D-ex added you to an existing BofA cc?

3) D-ex stopped paying the card and BofA pulled $6K from a joint savings account?

 

My first question is did YOU sign anything accepting responsibility for the BofA Account? I suspect he only added you as an AU. If that's the case, then I don't believe you have any legal responsibility to pay. If you don't remember signing for responsibility, find out ASAP.

 

Did you ever charge anything on the card? If so, there might be a theory that you accepted responsibility, but I'd say probably only for the purchases you made and nothing that he made.

 

If you never signed for responsibility, I suspect (given the size of the debt) that it will take a sternly-written letter from an attorney to BofA and the CA to get this taken care of (i.e., removed from your reports and a written acknowledgement from BofA that you never had responsibility for the debt). If you do get written acknowledgement, KEEP IT FOREVER as this debt is likely to get passed around from CA to CA. CERTAINLY DON'T FILE BK UNTIL YOU KNOW FOR SURE THAT YOU ARE LEGALLY RESPONSIBLE FOR THIS ITEM.

[GamingG]

My original advice was to contact your divorce attorney. Have you done that? If he started charging during your separation, this should be his debt and you can probably sue him.

 

This is very good advice but too late for that. We are already divorced also even if I can i don't want sue him because he did a lot good thinks in my live and we are still friends. He doesn't has any money, a lot of problems so even if I won I'll make another judgment on his credit but BOA will still considered me as responsible for this debt as joint card holder.

 

While I understand your willingness to be his friend, I cannot understand why you want to file bankruptcy in order to get rid of the debt that he left you with. If there was any sort of real friendship, then he wouldn't force this debt on you. Talk to him about reaffirming the debt and making payments on the $39,000 balance he owes to the bank and the $6000 balance he owes to you.

[Mike SIU]

Trolling?

[GamingG]

Trolling?

 

No, I was just stating my opinion. I don't believe that it's fair to OP at all to be forced into bankruptcy for the exhusband/friend's inability to repay his debts.

[salata]

This is very good advice but too late for that. We are already divorced also even if I can i don't want sue him because he did a lot good thinks in my live and we are still friends. He doesn't has any money, a lot of problems so even if I won I'll make another judgment on his credit but BOA will still considered me as responsible for this debt as joint card holder.

 

 

Well, I guess you and I have very different opinions on what a friend is, and of course I don't know the background. But I respect your decision.

 

I just went in and re-read your original post. I think I misunderstood some things, so let me see if I'm getting this right:

 

1) It's a $45K debt? Yikes!

2) D-ex added you to an existing BofA cc?

3) D-ex stopped paying the card and BofA pulled $6K from a joint savings account?

 

My first question is did YOU sign anything accepting responsibility for the BofA Account? I suspect he only added you as an AU. If that's the case, then I don't believe you have any legal responsibility to pay. If you don't remember signing for responsibility, find out ASAP.

 

Did you ever charge anything on the card? If so, there might be a theory that you accepted responsibility, but I'd say probably only for the purchases you made and nothing that he made.

 

If you never signed for responsibility, I suspect (given the size of the debt) that it will take a sternly-written letter from an attorney to BofA and the CA to get this taken care of (i.e., removed from your reports and a written acknowledgement from BofA that you never had responsibility for the debt). If you do get written acknowledgement, KEEP IT FOREVER as this debt is likely to get passed around from CA to CA. CERTAINLY DON'T FILE BK UNTIL YOU KNOW FOR SURE THAT YOU ARE LEGALLY RESPONSIBLE FOR THIS ITEM.

 

Answering to "friendship " matter, I could sue him but all effort would be worthless. He doesn't has any money, he has lot more debts. What can I do even with positive judgment, nothing. No assets, no money. Thats why I have to do something with my credit, go forward. He is not going to pay BOA credit card or any other debt.

 

I don't remember what I signed, my TransUnion credit shows me as joint account holder no authorized user. What should I send to BOA in order to verify what I really signed with them ? Slim chances but could be worth to try.

[Jaymes]

Trolling?

 

No, I was just stating my opinion. I don't believe that it's fair to OP at all to be forced into bankruptcy for the exhusband/friend's inability to repay his debts.

 

+1,000

[salata]

OK, I remember that I never sign anything with BOA, I never asked to be joint applicant. I've just read on similar forum somebody sending over 30 letters signature validation letters to BOA without success. How should I act, whom should I ask to validate this debt, BOA or credit bureaus. Is true Debt validation and Fair Debt Collection Practices Act only be applied to a collection agency - not the original creditor. What do do in situation like that. I'm dealing here with BOA not collection agency.

[Mike SIU]

Not referring to you. Referring to OP

 

Trolling?

 

No, I was just stating my opinion. I don't believe that it's fair to OP at all to be forced into bankruptcy for the exhusband/friend's inability to repay his debts.

 

+1,000

[salata]

Not referring to you. Referring to OP

 

Trolling?

 

No, I was just stating my opinion. I don't believe that it's fair to OP at all to be forced into bankruptcy for the exhusband/friend's inability to repay his debts.

 

+1,000

 

Sorry, I just wanted to picture my situation also this is how I thing and how I write. I'll try change this in future.

[Jaymes]

The first thing you need to do is talk to your divorce attorney about this. There should be provisions in the divorce decree about who owes debt. Now, of course, any joint debts are the responsibility of both of you with respect to the creditor. But it doesn't sound like this is a joint debt and it doesn't sound like you ever created a creditor/debtor relationship with BofA. I think you're definitely going to need an attorney for this; it could be that your divorce attorney has experience and can handle contacting BofA. But perhaps not. You definitley NEED to get his/her opinion of how to handle this NOW. Your divorce attorney may also be able to refer you to an attorney. Or go to www.NACA.org and look for attorneys in your state.

 

Also.... if you never were responsible for this account, I believe it was probably illegal for BofA to debit your account (assuming it was not a marital account).

 

For $40,000+, BofA is NOT going away until you/your attorney makes it clear to them that you are not responsible (if you, in fact, are not).

Edited February 9, 2010 by Jaymes

[radi8]

OK, I remember that I never sign anything with BOA, I never asked to be joint applicant.

 

 

Do (did) you live in a Community Property state, where you might be responsible for marital debts even if you did not sign?

If that's the case, some states sever that liability once you do a legal separation. Did you do that before the debt was created?

[Jaymes]

Even then, he didn't charge the CC up until after separation. I'm now aware of any state that's going to stick her with a post-separation debt (but, I could be wrong... have been before!!!).

[salata]

I'm not leaving in Community Property State. How could I check BOA debt or my status as account holder. I could ask them for detail card statements ? I'm not sure when this debt was created, same day ex proposed to added me to his card, gave me mine card which I almost never used, all debt had to belonged to particular his card number. Once again I never signed anything with BOA.

[salata]

Living not leaving, Sorry

[spikedup]

I'm not sure it matters if you signed anything or not. You can add your spouse to a credit card without having to sign any documents. You can obtain a credit card without signing anything. It's all electronic. So I'm not sure if going after whether you signed anything or not would be a defense.

[salata]

I'm not sure it matters if you signed anything or not. You can add your spouse to a credit card without having to sign any documents. You can obtain a credit card without signing anything. It's all electronic. So I'm not sure if going after whether you signed anything or not would be a defense.

 

I thing you might be right, just checking, maybe missing something, somebody's experience, ideas.