Most of our bills are in his name alone, although some are in mine--they're usually frivolous things that I shouldn't have signed up for but did. I can't afford to pay any of them off or back, we're so strapped we're barely able to pay the important things (rent, car, insurance, food, etc.) let alone pay for my Church movie group subscription (which is a 2 year contract, and I have to pay $200 to get out of it early), etc.
I'm still not clear on how a bankrupcy works, but I was told I ought to consider it.
But on the other hand, my husband has a decent credit score, and is very, very opposed to bankruptcy because of what it might do to his score.
But aren't our credit scores seperate??
I don't know how this works... Could you enlighten me?
2007-03-15 04:19:13 · 5 answers · asked by ? 3 in Business & Finance ➔ Credit
The group isn't actually affiliated with the Church, I found out later--they just make Christian movies. They are sticklers about their payments, also. It's sick.
2007-03-15 06:46:32 · update #1
in the US - Those debts are combined. If you try and file, they will come after the hubby to pay.
Get this book -
Total Money Makeover by Dave Ramsey.
BTW - a church movie group and you have an early contract withdrawl penalty? What kind of church is that?
2007-03-15 04:28:44 · answer #1 · answered by Anonymous · 1⤊ 1⤋
This is a very dangerous situation. It depends on whose name the property of the marriage is in. If he owns all the physical property, then you claiming bankruptcy would not affect him. You would have to file singly, and you will have to list all assets that you own soley. If you have no assets, it's alot easier on you. Bankruptcy should be your very last resort however, bankruptcy laws are changing. You may not be able to get your debts wiped, instead you may end up in Chapter XX, where the judge will force you to make payments to your creditors, may garnish your wages, or you could end up getting your debts wiped. It's a very large gamble as these days, you need good credit for not only purchasing, but to acquire employment, rent an apartment, acquire rental and car insurance and in some instances, receive services from the state. If you can, call the Church movie group and explain your situation to them. They may let you go or lower your payments to them. Many creditors will lower your minimum payment or drop some of the amount you owe if you enter into a payment agreement with them.
Keep in mind that if you file a BK, and you and your husband split, you will be in dire straights for 7 years.
2007-03-15 04:27:53 · answer #2 · answered by peache68 3 · 1⤊ 0⤋
Your credit scores are separate. However, any joint accounts that you have will be on both scores. I'm not totally sure how you are going to file for bankruptcy and not include the things that are joint.
Also, under the new bankruptcy laws, you have to go through a means test to see if you even qualify at all and which chapter you would file under. All assets acquired since marriage would be considered joint assets so you are likely to affect his score (and his assets) if you tried to file separately. It will, in part, depend on what state you are in, e.g., are you in a community property state?
In cases where one spouse files for bankruptcy and one spouse chooses not to participate, a creditor of the filing spouse may look to assets of the non-filing spouse for payment. Additionally, in many cases courts have refused to grant a discharge to a spouse who files a bankruptcy separately from a spouse who has already filed within the eight-year period. Therefore, it is generally advised that the best protection for married people with debt is to file jointly.
2007-03-15 04:27:36 · answer #3 · answered by Faye H 6 · 2⤊ 0⤋
way earlier I filed for chap. 7, my credit status replaced into about 759. after I were given divorced and had some credit complications, my score dropped all the way down to 480. 3 months after I filed for financial ruin, my score jumped as a lot as 650.
2016-12-02 01:18:47 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You can file seperatly in your name only, but you should get the advice of an attorney before filing. They usually will offer a free consult. Since some of the bills are in both of your names I am not sure how that will work. The bills that are in your name only you can file on. It shouldn't affect his credit.
2007-03-15 04:28:23 · answer #5 · answered by devilgal031948 4 · 0⤊ 0⤋