Wife filing banktuptcy, can't go for debt consolidation

Hi blueman,

Everyone has separate credit file and it has no connection with others. However, if you have a joint account, it will be listed to both of your credit file. Since the debts solely belong to your wife, when she was single, chances are it will not hurt your credit.

Hold on, bankruptcy is not good for credit. It affects your credit adversely. Bankruptcy clearly shows debtors' inability of paying the debt. It is a negative mark and stays in your credit report for 7 to 10 years, as per the rules under FCRA.

IMO, you should avail the free counseling offered by this site. Counselors first analyze your financial standing and offer a payment plan that does not exert much pressure on your pocket. See the benefits of debt consolidation here-

http://www.debtconsolidationcare.com/benefits.html

hi blueman(NY),

Welcome to the forum, and thanks for your question. I would definitely recommend that you look at a different debt consolidation company. Bankruptcy should be the last thing ever considered in this situation. Do and try everything you can to stay out of bankruptcy. As Stanley said above, it affects your credit so much worse than consolidation or even settlement.

~Mary

joint account meaning the bank or the credit cards? we have a bank joint acct. where the money is taken out (debt consolidation) actually its $700 per month!!! and its a lot of money. i dont have anymore ideas on what to do. its really stressful. thanks for the quick reply stanley and mary!!

You are welcome blue :D

If you place joint accounts under bankruptcy, chances are it will be reported to both of your credit report. However you can confirm it by calling credit bureaus as well.

Also consider the other avenues before going for bankruptcy. Filing bankruptcy has been made harder after October 2005. Also visit this thread, if it is of any help. Keep us posted-

http://www.debtconsolidationcare.com/avoid-bankruptcy.html

thanks Stan i will read on that article. do you know any debt consolidation company in long island?

blueman,

Selecting a debt consolidation company is a tough job. Lots of inefficient companies are there in the industry. Those who register with debt consolidation care, get free counseling from one of best companies in their region. So once you are registered you need not worry about how to find out a good company. See how the process works here-

http://www.debtconsolidationcare.com/procedure.html