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The Griffin Law Firm
The Griffin Law Firm, Attorney
Category: Bankruptcy Law
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Experience:  Member of NACBA and ABI
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I have been divorced since feb 09 and separated 2 1/2 years.

Customer Question

I have been divorced since feb 09 and separated 2 1/2 years. In the order my husband was to assume all debts and I signed off the properties.. He neglected to try and refinance when he could so my name stayed on the Mortgage, he has since tried to refinance and has been turned down - He is going to file bankruptsy. How will this effect me? I have since tried to move on, I pay a mortgage - shared with a partner. and pay on a small piece of property..
Am I ruined? Will they put leans on what I am paying on now? what can i do? It somehow does not seem right that I should be held liable for something I have nothing to do with. I live in Washington State , he is in California
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  The Griffin Law Firm replied 5 years ago.
You need to look back at your dissolution order and look for what is called an indemnification clause which I would suspect your attorney put in there if you were signing off on properties in exchange for him assuming debts. Basically, if he does not pay on a joint debt, the creditor can still pursue you to try and collect, but you will be able to hold him responsible. You may want to look into doing some asset protection if you are worried about creditors establishing liens against the property held by you and your partner--maybe set up trust or LLC to hold that property.
The Griffin Law Firm, Attorney
Category: Bankruptcy Law
Satisfied Customers: 51
Experience: Member of NACBA and ABI
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Customer: replied 5 years ago.

What would an indemnification clause state?

In section V Personal Property it states:

Husband Gene agrees to assume and pay all debts and sums unpaid incurred in the marriage as of June 11 07 As such the parties agree that the distribution is an equal division of such property and each conforms to the other all such prop. now in that PARTY'S POSSESSION IS THEIR SOLE AND SEPARATE PROPERTY AND TAKES INTO ACCOUNT THE ASSIGNMENT OF DEBTS AND OBLIGATIONS THEREIN TO SOLE AND SEPARATELY, AGAIN HOLDING EACH OTHER HARMLESS THEREFORE.

 

It then states this again in 2.A; Joint Accounts and Joint Credit Card

That each party has closed joint accounts taking into account these obligations... etc.

In the order I was to recieve 10,000 when the the 28 acres sold, what happens with that?

Do I have a case?

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