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Creditors and Bankruptcy/Voluntary surrender, divorce and bk

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Expert: David - 2/24/2009


Question
Hi David,
I am currently going through a divorce and have a 2006 Tahoe that I can't afford. I want to voluntarily surrender it to the finance company but my ex is saying no. I have asked my attorney but they have told me to do the surrender. I would like to know if I keep the Tahoe until we settle our divorce will my husband be responsible for 1/2 and should I file BK after the divorce is final. I want to keep my house too.
Thanks,
Kathleen

Answer
Kathleen,

Your husband will have his credit effected and be held responsibly for the debt as long as he is a cosigner on the note with you.  The lender has the right to pursue collection of any losses on the vehicle in full from either party.  If you declare BK you will not be the liable.

You can usually keep your home when filing BK.  Your BK attorney will be able to walk you through those options.

I will be able to help you rebuild your credit once the divorce and BK are situated if you would like.  You'll be amazed at how quickly you can have a great credit score again with a few simple steps.

David
219-718-8566
financialscoring@sbcglobal.net  

Creditors and Bankruptcy

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David

Expertise

I can help answer questions on how to raise credit scores. I can educate you on all areas of credit scoring. My specialty is helping people recover from Bankruptcy and low credit scores quickly.

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I own a credit repair company and have helped hundreds of my clients raise their scores to purchase homes, cars and qualify for other loans.

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My background is in Financial planning.

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