mazotti1
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Try everything you can to get out of debt without going into bankruptcy. If you both have to work overtime / an extra job - do it... Sacrifice a little now and be secure in your future. I know it is hard to keep your head above water but you aren't alone. Tear up those credit cards!... Good luck and think positive. You can do it!... |
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NOOO!!!
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If the credit has been used irresponsibly and wasted the money away then she has a problem that is not going to go away with the status of being bankrupt.
Better to try and pay it off even if slowly. |
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cutiepie81289
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you are married and yes it affects you too, if you own a house the credit card companies will put a lean on your home for the money. She should call these companies and try to work out a payment plan with them. |
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Jess
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Bankruptcy should be an absolute last resort if you are in danger of loosing your house or car. Credit card debt is not that serious. It will be turned over to collections eventually and she can work out a payment plan. |
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♥ Embracing Optical Freedom ♥
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Don't file for bankruptcy, that's worse than having outstanding credit debt. I suggest you go to this website, this guy is a god when it comes to debt and bankruptcy. www.daveramsey.com |
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frissy
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The debt does affect you, because it affects YOUR WIFE. Do you HAVE to pay for it? No. Not unless you want a nice life and a successful marriage.
I assume you did not marry her under duress. You chose to marry her, and assuming your vows included those words, this is a part of the "for worse" and "for poorer" that you agreed to.
Go to www.daveramsey.com and sign up for FPU and go through the program and get your wife into Debtor's Anonymous.
Create a written budget. Sell every piece of crap that isn't nailed down and pay off the debt. Cut up the cards. Put a freeze on your credit report to prevent her from opening accounts in your name. |
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LovingLyfe
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YES..... it affects your credit as well!!! When you said "I do"..you two became one (this included your credit)....It sucks that the law changed....when you file bankruptcy now...you still have to pay some of the money back.....I say talk to a debt consolidator and see what they can do for her! |
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PoenT
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html |
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Laura
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Don't apply for bankruptcy, that will hurt both of you for a long time. Take the cards away from her and put her on a budget and pay off as much as you can. Your spouse's financial problems will affect your credit also. You are partners both romantically and legally. |
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Jennifer
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Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://redirx.com/?0g4c |
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Dr. Gigi
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Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. |
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lucy v
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If you have joint credit cards that are past due then YES this affect your credit as well. If she files for bankruptcy she will be able to keep all the items purchased with these cards, however, be cautious on which chapter of bankruptcy is filed for. Do your research, because some types require you to liquidate all your assets to repay as much debt as possible before allowing bankruptcy, and other are just forms of repayment. and they all ruin your credit for 7+ years! |
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Bushed from Bush.
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Run before she drags you down with her. Seriously. |
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american girl
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She isn't the only one. |
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Hotboi
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You aren't affected by it directly--only you guys lives may be kinda miserable. If she files for bankruptcy she TEARS her credit up...you might as well shoot it with a shotgun. You don't HAVE to pay for unless you offer to. Most likely if you haven't finished paying for items that was bought on credit you will have to return those items. |
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Jon O
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hmm... as far as i know, since you married her, both of you now controll half respectivly and should anything happen you will be responsible to cover her debts. Unless of course you signed a pre-nuptual agreement. Even if you did do such paper work check the fine print, it may have some data in which is unknown to me. |
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Cat A
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If its in your wife's sole name she will be responsible for her own debt, however if will affect you long term, for example mortgage applicants and so on - your marriage and any joint credit you hold (even if its conducted perfectly) will have caused a link on your credit profile.
She will still have to pay the debts if she files for bankruptcy, if she can not afford them, or she does not have enough assets, i.e money in your house (they may force you to sell your assets - including your home), you will have to make an arrangement for what is left, depending on what she can afford you will have to pay something like 50% of the money outstanding etc. You are normally put on a 2-5 year plan to clear the debt and then you are discharged.
It will affect both your credit for a number of years after. Before the 'credit crunch' you would have had to go to a sub-prime lender for credit or a mortgage after a bankrupcy discharge - now I think you would stuggle to get anything at all.
I would use bankrupcy and a last resort. Tell her to contact her credit card companies and explain she can not pay and discuss making arrangements with them directly. They would much prefer she pays something back than nothing. |
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speaker of unassailable truth
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It doesn't affect your credit directly, but any loan both of you apply for will reflect her low score. Her credit score may not even be bad, so long as she has credit still open and makes all her payments on time. The things she bought are in all likelihood chattel and therefore have little value and are fully paid for--houses, which usually require loans, can be foreclosed and "short" sold by banks, and cars, which are also usually from loans, can be repossessed along with any "rent-to-own" material, but most of it is going to be relatively "safe", since it is already paid for. You owe the credit card company, not the merchant.
If only her name is on the cards, you don't have to pay for it, but it may be in your interest to do so.
Bankruptcy is harder to get than it used to be (write a letter to Son of Bush to thank him for it). You'd have to ask someone who knows your position and is a professional (an attorney or accountant) about the bankruptcy.
DO NOT hire a debt consolidation company. They charge you a hefty fee and offer no services, and their claims to "negotiate" with your creditors are patently false--it's not going to happen. |
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Nene
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this is a real big problem so you can help her out a little but you don't have to pay for it. No you don't have to pay for it. |
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