Transferring credit card debt


#1

i have only been separated for 3 mo. my husband has come up with a form that he wants me to sign promising me a one time $20.000 pmt and will pay my rent on an apt. for up to a yr. until he hires an atty for the divorce. the form states that he will take on all credit card debts, even the $32.000 thats in my name only. can he legally contact the credit card comp. and have it transferred to just his name? he is trying so hard for me to sign this paper. i dont know what to do or if i can trust him. please respond soon. thank u.


#2

Most creditors will not transfer a debt into someone else’s name. The creditors relied on your credit worthiness to issue the credit, and therefore will not transfer the responsibility to another individual. Your husband will likely have to get a loan in order to pay these debts off.

I would strongly advise you to have a lawyer read through the proposed agreement before you sign.