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can they take my husband's assets?

Date: Wed, 03/16/2011 - 20:43

Submitted by anonymous
on Wed, 03/16/2011 - 20:43

Posts: 202330 Credits: [Donate]

Total Replies: 2


I have 5 credit cards. I am current on 2 credit cards at present. I have been thinking to file bankruptcy for last few months. But I am not able to take the final step thinking about its effect on my credit score. I am lagging behind the payments for nearly 5 months. The outstanding balances on these credit cards are quite huge. I don???t think it is possible for me to repay the amount. The 3 credit cards are in my name. What should I do in this situation? I am at loss. Can my creditors seize my husband???s assets? I don???t want him to suffer because of my sins.


A bankruptcy filing can reduce your credit scores by around 200 points. If it is only the credit card debts for which you're concerned, then I don't think bankruptcy filing is a good option. You can go for credit card debt settlement and try to get rid of the huge debt that you've acquired. Apart from this, you may also go for the options of credit card consolidation or credit card debt management. To know more in this regard, take a look at the given page: http://www.debtconsolidationcare.com/credit-card.html


lrhall41

Submitted by Anna Sweeting on Wed, 03/16/2011 - 21:31

( Posts: 1827 | Credits: )


Hi!
Welcome to the forums!
You have to take a decision before being sued by your creditors. If your creditors file a case against you and obtains judgment order from the court, then they can garnish your wages/checking account. In such a situation, the bank can garnish your checking account up to the amount required to satisfy your debts. They can do it even if your husband is the joint account holder.

If you live in a community property state and you have accumulated the debt post marriage, then your husband is also liable to pay it off. So, the best course of action will be to pay off the debt.

Contact your creditors and explain your situation to them. See whether you can work out an affordable repayment plan with them. Make a budget to save money. Attend a free counseling session with a credit counselor. This may help you to repay the debts. You can go through the following page to know about some effective strategies to reduce your debt burden:
http://www.debtconsolidationcare.com/debt-reduction.html


lrhall41

Submitted by Good Nelly on Wed, 03/16/2011 - 23:16

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