I used to have great credit, and all my cards were paid off each month, if I used them. About a year ago, my husband stopped working, and we don't make enough to live on. He kept telling me to charge everything, since he would be able to pay it off soon after he got a job. Well, he still isn't working (or even attempting to) months later, and now we are going to divorce. Basically, he has screwed me over, and I am stuck with all of this debt. Should I file for bankruptcy? Before or after my divorce? I don't know what else to do, because he won't pay it off, and everything is in my name. He messed up his credit years ago, and has never gotten it back on track.
2006-06-20 13:31:38 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Choices - debt couseling agency, call credit card companies to get lower payments and stop interest, file Bankruptcy.
Reprecutions - your credit will haunt you for several years while you are trying to rebuild your life.
Another option - do you have a house that your husband also ownes? Maybe you can get him to pay for at least some of the debt out of his portion of the equity in the house. And you can get it to an amount you can handle on your own.
Anymore, you need a good credit rating to get an apartment, rent a car, get good insurance rates and in a lot of cases, even get a good job.
Good luck
2006-06-20 13:43:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You should take a look at the options you can find at: FINANCE-SOLUTIONS.INFO-
RE I have $16,000 of credit card debt. I don't believe I will ever be able to pay it off. Is bankruptcy for me?
I used to have great credit, and all my cards were paid off each month, if I used them. About a year ago, my husband stopped working, and we don't make enough to live on. He kept telling me to charge everything, since he would be able to pay it off soon after he got a job. Well, he still isn't working (or even attempting to) months later, and now we are going to divorce. Basically, he has screwed me over, and I am stuck with all of this debt. Should I file for bankruptcy? Before or after my divorce? I don't know what else to do, because he won't pay it off, and everything is in my name. He messed up his credit years ago, and has never gotten it back on track.
2014-10-04 11:49:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You may not qualify to file for bankruptcy anymore. Read up on those laws in your area and perhaps get some legal advice. However, do not let your husband or any divorce lawyer involved with the situation know. It's best to keep that to yourself right now.
Do you own your home, or have a mortgage on it now? You might be able to look at a consolidation home loan by taking out a first mortgage on the home if you own it, or a second out even if you already make house payments. Depending on how much you already owe on the home, or how much the home is appraised at, you may be able to use a home loan to pay off the credit cards. The thing is, it depends on who's name the house is in. His? Yours? Both? Also, depending on your state, you may not be able to get a home loan without your spouse's permission.
Of course, it is too late for you now, and I'm sure you don't want to hear it, but it's never a good idea to mix finances with your spouse or partner. Keep your finances as separate as possible. I've seen most people with bad credit get that way because of a situation such as this one.
Either way, good luck to you, and I wish you the best.
2006-06-20 13:43:03 · answer #3 · answered by foxfire83s 3 · 0⤊ 0⤋
You best get some really good legal advise. Cause wtih the new law just passed last year, getting rid of credit card debt is not so easy. Becareful you do not let your divorce lawyer know you are thinking about bankruptcy. Call free legal help today
2006-06-20 13:36:11 · answer #4 · answered by kickinupfunf 6 · 0⤊ 0⤋
Try and settle with the credit card company/s for reduced payments until you get back on your feet before you go to that extent. Bankruptcy will effect your credit for much longer. 16K is not far above average most Americans have for credit debt. You will just need to be disciplined and sacrifice for a bit and get yourself back on track.
Don't compound your personal problems by screwing up your credit even more. In most states He will be responsible for settling with you for the debt if you are willing to go through the process.
Keep your head up!
2006-06-20 13:40:37 · answer #5 · answered by Max B 3 · 0⤊ 0⤋
You need to check with a lawyer first. They passed a new law in October 2005 that you can not file on credit cards any longer. You maybe able to do something but call a lawyer to find out if it would be worth it now.
2006-06-20 13:44:11 · answer #6 · answered by lostinlove 6 · 0⤊ 0⤋
under the new laws you very well may not qualify to apply for bankruptcy!
2006-06-20 13:35:51 · answer #7 · answered by Pobept 6 · 0⤊ 0⤋