In non-community property states, creditors can only go after the person(s) who signed on the account to be responsible. So, normally creditors may NOT go after ex-spouses (or even current spouses) for debts which belong exclusively to the other spouse. However, this may not be true in community property states (I don't know a whole lot about community property state law). Fortunately, there aren't very many community property states. The community property states/territories are: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington, and Wisconsin. However, even in non-community property states, there may be ways around the general rule that creditors cannot pursue spouses. For example, many states have fraudulent conveyance statutes, that say that if a person who owes money conveys property to another person for the purpose of protecting that property from creditors, the creditor may still be able to go after the property, and potentially even the person who received the property, for collection purposes. So, while creditors in non-community property states cannot pursue an ex-spouse, they may have some recourse if the person who is liable on the account transferred real estate or other property to the ex-spouse for the purpose of shielding that property from creditors. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
A shaky issue. Likely as not, you are on the contract for these debts with your exspouse. The court that granted your divorce separated you from the debt, and only the courts can legally break a contract when both parties do not agree to it. You have the recourse to appear in court if the creditors attempt to sue you and produce the order from the divorce court indemnifying you. Likely as not the presiding judge will honor the order from the divorce judge, and the creditors will have no option at that point but to pursue your exspouse. Be prepared to cooperate with the court if the judge requests any location or asset information on your exspouse from you. This can only help your case.
I am unable to pay my utilities and credit cards and was wondering when the creditors place a judgement on me if my retirement money can be taken, it would mean then not being able to pay mortgage
Bank Of America does not allow payments towards mortgage balance to be applied from a credit card, only a checking account. Cash advance from a credit card can be obtained and then transferred to a checking account which is being used for the mortgage payment.
If the account is a joint account (bill comes in both of your names), then yes, it will be reported to both of your credit reports.
Yes. Creditors report to the credit reporting agencies the terms under which an account is closed. It looks bad and is a slightly more derogatory status when an account is closed by the lender vs. closed by the customer.
A shaky issue. Likely as not, you are on the contract for these debts with your exspouse. The court that granted your divorce separated you from the debt, and only the courts can legally break a contract when both parties do not agree to it. You have the recourse to appear in court if the creditors attempt to sue you and produce the order from the divorce court indemnifying you. Likely as not the presiding judge will honor the order from the divorce judge, and the creditors will have no option at that point but to pursue your exspouse. Be prepared to cooperate with the court if the judge requests any location or asset information on your exspouse from you. This can only help your case.
sundry creditors is a personal account. the rule applying would be debit the reciever, credit the giver
Credit to cash, debit to the liability account for the mortgage.
indicates an increase in the amount owed to creditors.
I am unable to pay my utilities and credit cards and was wondering when the creditors place a judgement on me if my retirement money can be taken, it would mean then not being able to pay mortgage
Bank Of America does not allow payments towards mortgage balance to be applied from a credit card, only a checking account. Cash advance from a credit card can be obtained and then transferred to a checking account which is being used for the mortgage payment.
No actually... Cash paid to credits should credit cash account and debit payable account
No actually... Cash paid to credits should credit cash account and debit payable account
No actually... Cash paid to credits should credit cash account and debit payable account
[Debit] Bank account xxxx [Credit] Accounts payable account xxxx
No, a "charge off" is a term used by credit card companies and other unsecured creditors to indicate that the account has been defaulted and collection procedures will be implemented. A foreclosure is the act used by a mortgage lender to recover property when the mortgage contract has been defaulted upon.
If the account is a joint account (bill comes in both of your names), then yes, it will be reported to both of your credit reports.