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@Caleb87 wrote:
So, my wife is attached to a home equity line of credit she got years ago with her ex husband. During the divorce the judge decreed that the Ex is responsible for it. (Then its the ex's responsiblity per court order) Of course we know that doesnt mean anything to the bank. How does this affect the bankruptcy? Or is it affected by the bankruptcy. My understanding is her responsibility to pay for it will be discharged. Is this correct? Will it still show up on her credit report?
Anything that has your wifes name on it will be discharged. She will not be responsible in any way. It really doesnt matter if it does or does not show up on her credit reports. The Bankrupty is the biggest hit to a credit score. So the HELOC will take a back seat for the duration of the 10yrs that a BK stays on her report. But you'll still have that court order that she was basically released from being responsible for it. Banks aren't higher than any judges court order.
I'll word it differently. The BK will hurt more than the HELOC. I'd take the court order and send it to the creditor and ask that her name be removed from the account. Either way. BK will release her from paying on it or even being responsible if the ex defaults because it should be discharged and it will be on the ex's back. Once DC'ed no negative info can be added to any accounts with her name outside of IIB and 0 balance. BK lawyer will take care of it.