Other Debt Unsecured debt cosigned with Ex-wife who has since filed bankruptcy

[vexzavion]

My ex-wife and I bought a water filtration system together and financed it on an unsecured line of credit. Since then we have divorced and the house has been foreclosed. She has also filed bankruptcy and her name is the primary on the loan.

My question is do I have to keep paying for it?
The only reason that I am not getting a hit on my credit is the company is letting me pay $20 to keep the account in "good" standing.
I can't afford more than that and the balance is increasing each month because the interest is more than $20.

If I stop what are the repercussions?
Will they just write it off at some point or will they just keep coming after me?

 

[army judge]

My ex-wife and I bought a water filtration system together and financed it on an unsecured line of credit. Since then we have divorced and the house has been foreclosed. She has also filed bankruptcy and her name is the primary on the loan.

My question is do I have to keep paying for it?
The only reason that I am not getting a hit on my credit is the company is letting me pay $20 to keep the account in "good" standing.
I can't afford more than that and the balance is increasing each month because the interest is more than $20.

If I stop what are the repercussions?
Will they just write it off at some point or will they just keep coming after me?

She should have added the debt you're paying to her BK.
By paying the $20 each month, it isn't helping you or her.
The $20 a month keeps the SOL from tolling.
The debt is unsecured, so its nothing they could really do, but harass you.
No, you don't have to pay.
Sure, your credit gets dinged, but at least you'll have a couple more dollars to buy food for your belly.
You're effectively keeping this lousy debt alive, rather than allowing it to die.

I'd see if she can add it to her BK.
If she does, it goes away.

You might also wish to investigate BK, if things aren't going that well for you, OP.

 

[vexzavion]

She should have added the debt you're paying to her BK.
By paying the $20 each month, it isn't helping you or her.
The $20 a month keeps the SOL from tolling.
The debt is unsecured, so its nothing they could really do, but harass you.
No, you don't have to pay.
Sure, your credit gets dinged, but at least you'll have a couple more dollars to buy food for your belly.
You're effectively keeping this lousy debt alive, rather than allowing it to die.

I'd see if she can add it to her BK.
If she does, it goes away.

You might also wish to investigate BK, if things aren't going that well for you, OP.

I do believe she added it to her BK and it is a chapter 7.
So I will stop paying against this debt.
Otherwise my finances are fine.
I looked into BK and it doesn't help me that much.
Gets rid of one credit card and this unsecured debt the rest would persist. College loans...

So how long will this ding my credit for?
When can I expect it to be written off?
Is there anything that they can do to make this debt persist?

Thanks in advance!

 

[army judge]

So how long will this ding my credit for?

I have no idea. Those credit bureaus run their own credit scams and traps.
I don't have any debt, haven't had any debt for 20 years.
You can contact the big three credit bureau scammers and inquire - Experian, Trans Union, Equifax.

Experian

http://www.experian.com/

Equifax

http://www.equifax.com/home/en_us

Trans Union

http://www.transunion.com/

When can I expect it to be written off?

I hear it takes 7 years, but with those credit bureau scammers, they enjoy ruining the lives of people, some folks tell me they screw you for 10 years (or more).
I honestly don't know.

Is there anything that they can do to make this debt persist?

You did it for them, buddy.
You paid on the debt.
Every time you pay them a penny, the SOL stops tolling.
They're so crooked, some of those debt scavenger collectors pay a nickel or a dime, just to keep the suckers on their hooks.​

 

[disagreeable]

One thing I should clarify on a joint debt if one person files bankruptcy it may relieve them of the debt but not the other debtor. You still owe it.