What do you do when your husband ruined you financially?

Question

I have been married for 3 years. We have a daughter and one on the way. Last week a lot came to pass. Creditors started calling. Apparently my husband 12 years ago took out school loans, credit cards, and I do not know what else. We were trying to buy our first house when all this happen. He said he just forgot about them. I asked if there was anything else and he said he did not know. Together we make 50,000 a year. We do not have anyone to ask for money. When we pay all our bills we have about $70 dollars left. All that is money for doc appt. or something that comes up. We do not travel, go out, my car is 13 years old, I have not bought clothes for ourselves in 2 years, we do not qualify for food stamps, and I do not wear makeup anymore. I was already cutting corners before all this. He is a great father and a loving man. Money is not something he is good at. I do not know how to fix this. Does anyone?

Answer 1

Try debt management counsellors, they write in very good letters charging a minimal fee for the payment to be worked out according to your financial status!As he is a good father and a loving one, just keep on struggling on his debts to be solved.It will end one day and it is not simple .Experience has taught the hard way to build our relationship!Be strict with him on his habitual expenditure from now on!What happened before his marriage was a blunder but what you are with him is a wonder!All the best to beat this emotional stress of yours!

Answer 2

If you have racked up big credit card debts, cut them up, and find a credit outfit that will re-negotiate your interest on those debts. Too bad you chose to have another child --- from this, it appears you can barely afford the one you do have. Your loan out for education were indeed loans, not gifts, and you must pay them back, sorry. But a credit intermediary ought to be able to help make these manageable.

And since you admit he is not good with money, that means he is frittering it away on things he and you don't much need --- guy stuff like tools he may use years from now, but just gotta have now. I suggest YOU gather up all the money, the income, and YOU pay the bills. Put him on an allowance. Hon, you will never get out of debt unless you do, and you will NEVER qualify for a house, unless you do. Take charge of the finances, or kiss your financial future adios (good-bye)

Answer 3

Unfortunately student loans are not something that you can wipe out through a Chapter 7 Bankruptcy. You can file a Chapter 13, in which your bills are paid, but interest is usually cut back or eliminated, and payments are garnished out of your checks. You also have to go through 6 months of financial counseling. There are consolidation companies, but you have to check them out on the Better Business Buereau website (www.bbb.com). My husband did the same thing, but with him it was taxes and student loans. We are still trying to get out from a mountain of his debt.

Answer 4

He conned you into marrying him (a debt ridden man). Weigh your options. If being a great father and a loving man rock your boat, then keep him and try to sovle the problem and stand by him. Consult a financial consultant or your pastor.

Answer 5

Maybe you can introduce him to my ex-wife. That way they can ruin each others lives and leave us out of it.

On a more serious note, perhaps you need to take over the finances. Check out Dave Ramsey or Crown Financial

Answer 6

you can call a lawyer and file bankruptcy or else call a credit councilor, usually they can have all your debt put together, lower the interest on it, and you make one monthly payment to them.

Answer 7

contact a credit counseling service. bankruptcy is not an easy out anymore, but maybe they can help.