File Bankruptcy?

Question

I am in the process of finalizing my divorce. My soon-to-be ex-husband racked up a lot of debt in my name (or on joint accounts) during the time we were married. But because he is living and working overseas, the creditors cannot go after him for the debt. What can I do to take care of this? I make enough money for myself and my children to live on, but not enough to shell out thousands to pay this debt. Is bankruptcy the way to go? If not, some suggestions?? Thanks for the help!

Forgot to add that I've tried the so called "credit counseling" programs with little success. So I'm open to just about any other suggestions. Thanks!

Answer 1

The bankruptcy laws have not changed that much at all. If you make less then $38,000 with NO children you are eligible. Since you do have children you are more then likely able to file. Bankruptcy will discharge all your debt excluding child support you owe (if any), taxes or student loans. If you have a car loan or house that you want to keep all you have to do is continue paying them. It will discharge all your credit cards, misc. loans, utilities, medical bills, etc. Call an attorney for prices. Fees to file a Ch. 7 is $299.00 court filing fee no matter where you go.

Answer 2

For a very similar situation a found a great solution at: CREDIT-AND-FINANCE.COM-

RE File Bankruptcy?

I am in the process of finalizing my divorce. My soon-to-be ex-husband racked up a lot of debt in my name (or on joint accounts) during the time we were married. But because he is living and working overseas, the creditors cannot go after him for the debt. What can I do to take care of this? I make enough money for myself and my children to live on, but not enough to shell out thousands to pay this debt. Is bankruptcy the way to go? If not, some suggestions?? Thanks for the help!

Answer 3

I would ask your attorney about including in the divorce agreement that the debt that you and your husband inccured be assumed by him. Divorce law is very sensitive when it somes to single mothers with children. Your husband may never pay off the debt, he may even have to file for bankruptcy, but at least the debt will no longer be in your name. Filing for bankruptcy is a last resort as it will be near impossible for you to obtain any type of credit whatsoever once you have filed. Also some parts of your debt may not be eligible for relief when you file, so depending on what you owe it may not be worth filing.

Answer 4

Use bankruptcy as a last resort, as it haunts your credit for at least seven years.

Make sure the divorce provides for your ex to pay the debts. This will not help you directly because the credit is still in your name and will hurt your credit rating if (when) he doesn't pay. But at least you will have legal grounds to pursue him.

Try negotiation with the credit companies for lower payments. You may even be able to get them to drop interest as long as you make payments on time. The person you get on the phone will not be able to help you with these requests. Ask to speak to a manager, or even better, put your request in writing and request a written reply.

If all else fails, your kids must be provided for first.

Answer 5

How to Avoid Bankruptcy Explained: With the rising consumerism, aggressive advertising campaigns and increasing incomes, people are living well beyond their means. As a result, they are burdened with heavy debts. If they are unable to repay the dues, they have to file bankruptcy. Bankruptcy is the last resort when you are reeling under financial problems

Answer 6

Go for it and file for bankruptcy. If you can't afford the payments, take care of your kids first and screw the creditors last.

I wouldn't lose any sleep over this.


El

Answer 7

I'm sorry unless Mr.President changed the veto.