wife's credit & savings

Hi danfrmmaine,

Welcome to the Community.

Debt settlement is very damaging on credit so should only be used as a last resort. Try Debt Management instead.

Yes, with assets the creditors will drool and attack if you stop paying in anticipation of a settlement. You really should go the DM route on these. You can sign up for a free consultation and discuss your situation with a financial coach. Just make sure you don't let them talk you into a debt settlement program.

As far as your wife's credit, that depends on the state you are living in.

Hope this helps,

chrys

As has already been mentioned, much depends on your state. Are assets such as your home in both names? What about bank accounts? Regarding the bank accounts, even if you have separate accounts, have you "co-mingled" the money? i know it is possible to shield the assets of one spouse, even in a community property state, but it very difficult. Generally, my understanding is that the individual (you or your wife) is not responsible for the debts of the other individual, but the community (which would include all assets that are owned jointly between you and your wife) is responsible for the debts of either individual who is part of the community. I am not an attorney, so I would suggest you ask the advice of a lawyer about your specific situation.