There was alot fo debt from a previous marriage that I incurred. I dont work becuase I have 2 small children at home. For me to wrok and put them in daycare would put me further in the red. My new husband works (obviously). I have no choice but to file and am worried that he will be pulled into it. We have been trying for 3 yrs now to pay this debt off and to no success. Any suggestions?
2007-01-12 12:09:43 · 8 answers · asked by ea1825 2 in Business & Finance ➔ Personal Finance
Within the past 2 wks I have gotten TWO letters informing me that I am being sued for balances owed...now what?
2007-01-12 12:18:13 · update #1
in all honesty the best thing to so is not file and just do not pay the old debts. here is why. bankrupcy costs money to file. a bankrupcy stays on your credit report for 10 years. if you just stop paying they will go into default and be charged off. that will only stay on your credit report for 7 years. just ignore the letters and constant phone calls. trust me on this.
2007-01-12 12:14:09 · answer #1 · answered by silentjealousy77 4 · 2⤊ 3⤋
Your new husband will be pulled into it, regardless. He married you and became responsible for your debt.
Is the money secured? If it isn't then there isn't much they can do about it. Most credit cards are unsecured loans, which means they can not go after your property. They can garnish your wages with a judgement, but if your not working that really doesn't matter, but they might go after your husbands pay and that does matter.
Look into a non profit debt consolodation service, check the reputation of one before you decide which company to go with use the Better Business Bureu to check the reputation.
2007-01-12 20:24:15 · answer #2 · answered by Wicked Good 6 · 0⤊ 2⤋
I understand completely. I am in a very similar situation, except I haven't made an effort to pay mine off. I don't work and simply don't have the money to do it. Consider how big the debt is before deciding to file for BR. You can also find your states legal aid office for free advice if you are within the income guidelines. You can speak to a pro-bono attorney that will give you some very useful advice.
2007-01-12 20:13:48 · answer #3 · answered by Anonymous · 1⤊ 4⤋
In all seriousness, check out the Dave Ramsey Show at
http://www.daveramsey.com
If you e-mail the company, he will probably send you a free copy of his book called "The Total Money Makeover."
A lot of very scared, broke people call his show. Many, many of them have paid off their debts without bankruptcy. He calls it living on “rice and beans” while doing what’s called a debt snowball. It’s worth checking out.
2007-01-12 23:55:11 · answer #4 · answered by Patrick C 3 · 0⤊ 2⤋
Try what me and my husband did. We hired Lexington Law firm. They helped us with our credit problems and we are both divorced. If you file for Bankruptcy I don't see how to avoid it being on your husbands credit as well.Good Luck . Oh and by the way if you pay your old bills off they still show as bad. It does not help your credit. Trust me I have been there.
2007-01-12 20:16:15 · answer #5 · answered by Chrissy #1 4 · 0⤊ 2⤋
Backrupcy anymore is like the loan paypack people. You can't file for bankruptcy anymore and not have to pay anything back.. so yoru assets get froze and you have to pay so much a month til the entire thing is paid off. You might want to check into some of the TV advertisment things to repair your credit. As it don't hurt your credit as much as a backruptcy will. But does the same thing.
wow and ignore the guys post above me.. what was bad advice...
2007-01-12 20:14:24 · answer #6 · answered by Jason 4 · 0⤊ 5⤋
I hope this would help you:
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html
2007-01-13 06:57:49 · answer #7 · answered by marie a 2 · 0⤊ 1⤋
Have you been to the citizen's advice bureau? They can help you sort out debt problems.
2007-01-12 20:13:57 · answer #8 · answered by Ahwell 7 · 0⤊ 3⤋