I just found out that my Ex, quit his job, moved to MN, and is filing chapter 7 bankruptcy. We got divorced in KY and have been divorced for almost 2 years. I have contacted a lawyer. In the divorce he kept our car and the car payments, the car loan is in both our names. He has surrendered the car back to the bank. The car is going up for “private sale” by the bank. It’s my understanding that after the bank sells the car, they will apply the credit to the account. The amount that is left him and I owe. In the divorce degree he is responsible for all indebtness on the car. He has told me that the remaining debt will be included in his bankruptcy. The car loan currently shows up on my credit report. My question is what is going to happen to my credit? If the car is included as part of his bankruptcy what will show up on my credit report regarding the car loan? Any advise? Does anyone know what happens in this situation?
The car will be sold. If the balance of the loan is not paid off, your ex will indeed be able to discharge the debt. The balance will then show on your credit report. It's a major problem when you don't get your name off of a loan when married. What is happening to you, occurs all the time.
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