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Richard, Attorney
Category: Business Law
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Experience:  32 years of experience practicing law and a businessman.
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In North Carolina: Does a legal separation agreement that

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In North Carolina: Does a legal separation agreement that specifies each parties responsibilty for credit card debt (for both individual and joint accounts during marriage)
provide protection from creditors if the other party defaults and refuses to pay?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. There are two contractual relationships here. First, there is the contract with the two of you and the credit card company, and then there is the one between the two of you. In such situations, with regard to the contractual relationship with the credit card company, both parties are both joint and severally liable...meaning the credit card company can pursue either or both parties for the full amount they are owed until they get paid in full. But, with regard to the contractual relationship between the two parties, when one party agrees to be liable, as long as that party has sufficient assets, if the other party is called upon by the credit card company to pay any part of this debt, that other party has a claim against the non-paying party who is contractually obligated to pay under their contractual relationship. If he refuses to pay voluntarily, file suit for breach of contract. Once the suit is filed and a judgment awarded, you become a judgment creditor, and if the losing party doesn’t then pay the judgment, you can have the sheriff serve a summons on the losing party for a debtor examination. That forces the losing party to meet the judgment creditor in court and answer questions under oath about the losing party's assets. After that information is obtained, the judgment creditor has the power to attach bank accounts, have the sheriff seize other personal property, and/or place liens on any non-homestead property to satisfy the judgment.

This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that your contractual relationship with your ex- also extended to the credit card company, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
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