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 Posted: Wed Apr 09, 2008 7:59 pm Subject: File Bankruptcy without spouse.. will it affect him?? HELP!!
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Here is my dilemma… I got into MAJOR credit card debt!!! $30,000 all in my name only, not my husband. We can no longer pay the credit cards (well, haven’t in months) and pay our regular bills. I was basically paying all our bills with our income.. and since we had none left over.. living off of credit cards in my name. I am in deep debt.. with John P Frye Law Office calling me, Atlantic Credit calling me and Allied calling me wanting money.. I have looked into debt settlement, but with them I can still get sued and there payments are still high. I was looking into Chapter 13 bankruptcy. I have an appointment next week and can’t wait. My problem is, I can’t let this hurt my husband’s credit. He has the good credit and we need it to stay good. I really don’t care about mine, its already crap. The house is in both our names.. if I will file, and we are joint on the house.. will this in any way affect him??? One bankrucpy firm told me yes, one told me no.. what do I do??? I know I have to tell him, but it will be easier if it wont affect him.. Please help.. any advice??????
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grlnew
Joined: 03 Apr 2008
Posts: 11
Debtcc Points: 291
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Posted: Wed Apr 09, 2008 9:18 pm Subject:
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I found some information at The Bankruptcy Law Network, I'll post it so you can read it. It was written by Bankruptcy Attorney Cathy Moran.
| Code: | One of the most frequent questions asked about bankruptcy is whether spouses must file together. The answer is “no”; one can file bankruptcy without their spouse. Married folk may file a joint case: one set of papers; one filing fee, but they are not required to.
There are many reasons why it may be advantageous to file without a spouse, depending on how property is held; who is liable for the debts; and whether a bankruptcy filing would adversely affect one spouse.
The filing spouse frequently worries about the impact of bankruptcy on the non filing spouse. The law provides that each individual has a separate credit file, for credit reporting purposes. Thus a married couple’s credit worthiness is a blend of the contents of his file and her file. So a bankruptcy will affect future joint applications for credit. It should not, however, result in a bankruptcy notation in the non filer’s credit record.
Bankruptcy or no, if the spouses are jointly liable on a loan and that loan goes unpaid after the bankruptcy, it will have an impact on the non filing spouse, but it is the nonpayment rather than the other’s bankruptcy, that blots the credit record.
Good legal advice is necessary to evaluate whether there are non obvious issues that might drag the non filing spouse’s affairs into the bankruptcy court. |
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 3793
Debtcc Points: 24867
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Posted: Wed Apr 09, 2008 10:01 pm Subject:
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I was wondering the same thing. Everything i have read points to you being able to file individually, but you really need to go to that consultation first to found out for sure. I am thinking about doing the same thing as you. I am not sure if it's going to do any good though because most of the debt we have is in my husband's name, about $140,00. My debt is about $40,000.
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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Posted: Wed Apr 09, 2008 10:58 pm Subject:
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Have you explored all your possibilities before deciding on filing bankruptcy? trust me it ruins your financial future and stays on the credit for a longer time. It should always be the last resort.
However, some states will allow you to file a bankruptcy alone, but if your are residing in the community property state, then it will affect your spouse's credit anyway. the following states are in the list of community property states of USA:
- Arizona
- California
- Idaho
- Louisiana
- Nevada
- New Mexico
- Texas
- Washington
- Wisconsin
Also, the household income needs to qualify the median income limit for filing bankruptcy, and you are required to include his income on it.
Why don't you try out the free financial consultation offered by this site to see if you can survive this mess without filing ch-13???
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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Posted: Thu Apr 10, 2008 6:06 am Subject:
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Thank you all for your help.. I did look into debt settlement program.. but the creditors can still sue me if they want.. before they get there settlement.. what is a financial consultation? How would they help? I don't have the money to pay.. so i need help.. has anyone worked with a debt settlement company?
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grlnew
Joined: 03 Apr 2008
Posts: 11
Debtcc Points: 291
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Posted: Tue Apr 29, 2008 11:22 am Subject:
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If you are in a position to settle any of your debts, you can definitely do it on your own. I did manage to settle two of my debts on my own with no problems. I wish I had tried this before approaching a debt settlement company. I had worked with 2 and got ripped off, then sued by a couple of creditors. This could have been prevented if I hadn't wasted my time and money with the settlement companies.
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Tiffany99
Debt Samaritan
Joined: 15 Jun 2006
Posts: 1064
Debtcc Points: 19129
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