Expert: Michael Brotherton - 1/30/2009

Question
hi- i am in deep financial trouble.  i am recently divorced.  my ex and i racked up $48,000 in credit card debt.  he is supposed to pay 40% of the debt (according to our divorce decree) but it's like getting blood from a stone. my home (his name was never added to the deed, thank goodness.) is worth approx. $250,000.  i have about $170,000 in equity- so i can't do a bankruptcy.  i haven't missed any payments on either the mortgage or the credit cards.  it's getting to the point where i'm going to have to make a choice.  i can't sell the home immediately.  i know i need to keep paying the mortgage.  my question is- what will happen if i just stop paying the credit cards??  thank you for your help.

Answer
Although it may take several months to get to the point of any serious action being taken, the creditor may at some point file suit and may place a judgment lien against the home. This doesnt mean they can or will take the home but they can tie your hands from being able to refinance or sell the property without paying them.

My question for you is he making payments or can he get a loan to pay them and get your name off of the cards? My opinin of some of the divorces settlements are incomplete in that they do not deal with certain issues such as how they are to be paid or how long they have to pay the debt off or any orders for the debt to be refinanced or no regard for the credit situation of each party. I blame the attorneys who deal with these things. They do not understadn the system well enough to deal with these issues or they are just plain lazy.

I would need a bit more information to give any real advice or options here. If you would like to discuss this further feel free to call me at 937 372 8581. Someitmes space is limited here and I am full of questions which would take a while to sort out doing the back and forth here so phone calls sometimes will save time.