Should I pay her moms loan?

[Tyrell]

This will vary with the policy of the specific credit card issuer. They are free to hold onto the debt and continue to charge fees and interest if they think they will eventually be able to collect. Also, whether someone that is trying to collect a debt is a 'creditor' or a ' collection agency' makes a difference in the practices they are allowed in trying to collect the debt under the Fair Debt Collection Practices Act.

I'm sure your probably right, I only really understand this in the context of what happened to me.
My debt was originally 24K when I defaulted

The Bank ran it up to 30K after I defaulted but before it was sent to collections

Prior to it going to the collection agency they offered me one last settlement of 6K, that was a screaming deal, but I didn't have that much and needed every last penny I did have to finance my custody battle that by then had spread to 2 states.

So it went to the collection agency and 18 months later I settled with them for $7,200.

[Bubba Seal]

I know in banking we have to quit accrueing interest at the 90 day mark, not sure about credit cards. I would think after no payment for so long there is some policy to stop the interest. In banking the FDIC dictates this, I dont know if they dictate to credit card companys or not.

[Ringless]

It sounds as though you will have to pay the loans on your mother in law's name. I would do all I could do to make the payment otherwise it will likely start to hurt your credit. However, if you don't have the money, there likely isn't much of a choice.

[Vega]

It sounds as though you will have to pay the loan on your mother in law's name. I would do all I could do to make the payment otherwise it will likely start to hurt your credit. However, if you don't have the money, there likely isn't much of a choice.

This was a confusing post. I may or may not end up with the loan. And it certainly won't affect my credit unless it is refinanced. I do plan to continue making payments for as long as possible and then some.

[Vega]

This will vary with the policy of the specific credit card issuer. They are free to hold onto the debt and continue to charge fees and interest if they think they will eventually be able to collect. Also, whether someone that is trying to collect a debt is a 'creditor' or a ' collection agency' makes a difference in the practices they are allowed in trying to collect the debt under the Fair Debt Collection Practices Act.

I'm sure your probably right, I only really understand this in the context of what happened to me.
My debt was originally 24K when I defaulted

The Bank ran it up to 30K after I defaulted but before it was sent to collections

Prior to it going to the collection agency they offered me one last settlement of 6K, that was a screaming deal, but I didn't have that much and needed every last penny I did have to finance my custody battle that by then had spread to 2 states.

So it went to the collection agency and 18 months later I settled with them for $7,200.

Meeting with a Bancruptcy/Family Law attorney today. I will let you know what all they say about my financial situation and what my options are in conjunction with the divorce.

[Vega]

This will vary with the policy of the specific credit card issuer. They are free to hold onto the debt and continue to charge fees and interest if they think they will eventually be able to collect. Also, whether someone that is trying to collect a debt is a 'creditor' or a ' collection agency' makes a difference in the practices they are allowed in trying to collect the debt under the Fair Debt Collection Practices Act.

I'm sure your probably right, I only really understand this in the context of what happened to me.
My debt was originally 24K when I defaulted

The Bank ran it up to 30K after I defaulted but before it was sent to collections

Prior to it going to the collection agency they offered me one last settlement of 6K, that was a screaming deal, but I didn't have that much and needed every last penny I did have to finance my custody battle that by then had spread to 2 states.

So it went to the collection agency and 18 months later I settled with them for $7,200.

Meeting with a Bancruptcy/Family Law attorney today. I will let you know what all they say about my financial situation and what my options are in conjunction with the divorce.

Well.. had an overall ok meeting with the attorney. Things aren't as bad as I thought now that the situation has changed. My wife was a stay at home mom for 11 out of the past 12 years. She just got hired yesterday with a 24k a year state job. This is going to change some things as far as debt distribution, child support and or alimony. It looks like it would be in my best interest to continue making all payments so that upon divorce I can get a place or something and then look at bankruptcy. My only concern is getting rid of the house we are renting out...that may be more complicated post divorce.
It's hard to say how much debt she and I will end up with but I was told the idea is that we both walk away with equal debt and assets. Of course me making most of the money offsets things a bit but she has a job now so things are looking a little more hopeful. Any thoughts??