Question:
Joint loans with ex husband totalling 28k
I am considering bankruptcy as a have joint debt 28k and no income or assets,would a DRO be better or do they take into the whole debt amount or half of it,do i owe 28k or 14k ?
Answer:
Unfortunately as your debts exceed the 15K cutoff for a DRO, you would need to consider bankruptcy.
Jointly held debts are not halved and you do not owe just half as each person is equally responsible for the full debt.
Not that you both pay back the full amount each, but you are both equally responsible for what is the full amount.
If you go bankrupt your ex-husband would then be solely responsible for the full debt.
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