Huge Debt Still Tied with ExWife HELP!!!

[jmac]

Hello everyone, I am beyond depressed about my debt situation I am in and let me explain the background a bit. I was married to my exwife for five years. I never was involved with the finances since she said she would handle it, and I trust her since she worked at a bank for years. She took out a private student loan from Teri for the sum of 16,000. She put herself as the cosigner so she could cash the check. Now, the creditors are breathing down our necks for the money since we are years late on paying it. So, we each have to make monthly payments on that.

Then at the end of the divorce we had to put our condo in foreclosure! She had taken an equity on the home of 25,000 in the marriage. Now, the lender called to tell her that we will have to pay all that money back immediately since the condo didn't sell in the auction for that much! When I talked to them late last year they said I didn't have to pay anything on the equity either, but now that has changed?!

So we are looking at $42,000 total in combined debt!!!

Now, I moved in with my grandpa to cut living costs, but my hours have been cut at work due to the economy. I only make 10.30 an hour. (

I am dating someone who will only discuss marriage when my debt is paid for, and I am just overwhelmed on what I should do! My ex and I are on ok talking terms, but I want her our of my life and this DEBT.

Any words of wisdom would help! THANK YOU!

[Granite]

hmm. i would talk to an atty. about filing bankruptcy in this situation.

i am going through a similar situation myself. my house is in a short sale but if that doesn't go through the next step is foreclosure. my husband is dragging me through a court trial for a 3 yr marriage with no kids. he's just being an ass.

good luck to you.

[cicy33]

You might want to consider bankruptcy. Sometimes when debt becomes overwhelming and is so huge it might be the way to go. I am not sure if you both have to file together or what but it might help. from what you are saying she did these loans without your knowledge?

[jIM_Ohio]

I would find a good attorney- one which specializes in divorce.
I know you are divorced, but have the attorney tell you what you are legally on hook for and what is on your spouse.

Obviously the people you borrowed from want their money, don't listen to them as to what you are responsible for- ask an attorney which knows about divorces.

I see 3 ways to go

1) you are not on hook for money and neither is ex wife
2) you are not on hook for money but ex wife is
3) you are both on hook for money

If 3) then consider bankruptcy

[PetMom]

If I read this correctly she got an equity loan and you did not know about this?

Is it because of her bank job connections? How did she get such a loan without your knowledge and most of all signature on the documents?

I thought a title company had to have both spouses at a signing when an equity loan is taken out (here in my state they do).

I would ask an att. about this - as suggested a trip to an att. just might be the thing to do.

[JoshuaHeckathorn]

I'm assuming that when your divorce was finalized the judge issued a divorce decree outlining exactly what debts you and your ex would be responsible for paying? If so, you should review that with a good attorney and discuss your options.

Now, a common credit myth is that a divorce decree will actually absolve you from any credit obligations the judge decides your ex will be responsible for paying. Unfortunately, the fact is the original contract with your creditor trumps everything, so you'll need to work directly with your attorney, the lenders and credit bureaus if your name should be removed from anything you and your spouse jointly signed.