twinklestarlady
recently joined
Reged: 01/26/07
Posts: 4
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My H and I will most likely be divorcing in the future but we cannot right now due to our financial issues.
Yesterday, we went to see a credit counsellor and a Bankruptcy Lawyer. We have a total of $19K in houshold credit card debt (cards in my name) and then 30K in credit card debt from HIS cards, which I was unaware he even had until a month ago.
The credit counsellor said that she can't help us because our debt is too much when compared to our income. We could both file for bankruptsy but I don't want to. My H suggested that he just file himself but would I be responsible for his debt anyway? I really believe that we could find a way to pay off the debt in my name slowly so that I could stay out of it. Is this a good idea or could it come back to bite me in the end? I plan on starting divorce proceedings after all is settled. I only work part-time for now and need to get a full time job but can't until our child goes to school in Sept.
The only asset we have is our condo which, I've been told doesn't have enough equity to have to be sold in case of a bankruptcy. We also have two cars. Mine will be paid off in Dec. and his car has 3 years left on his lease.
I just want to know if there is any way I can avoid filing with him. This will be his SECOND bankruptcy! I can't stay married to him and take the chance of this happening again 10 years from now.
Any advice would be appreciated. BTW, we live in NJ.
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Gecko
Carpal \'Tunnel
Reged: 06/01/04
Posts: 19801
Loc: Third rock from the sun
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I really believe that we could find a way to pay off the debt in my name slowly so that I could stay out of it. Is this a good idea or could it come back to bite me in the end?
---> And what dream world are you living in? Sorry to be so harsh, but let's be realistic here! Do you honestly think...given that you're looking at divorce, that once HE files bankruptcy, that HE is going to help you pay off YOUR credit cards?
I plan on starting divorce proceedings after all is settled.
---> So how many more years do you want to stay married? Depending on your interest rates...even with a low say 12%, you have to pay $200 a month JUST to pay the interest alone! Just to give you an example...at $200 month for 5 years...would have paid LESS than $900 towards the balance. Now if you upped your payments to $500 month, you could pay it off in 4 years; if you paid $750...31 months; and $1,000 per month...TWO YEARS.
---> Unless ya'll can afford $1,000 a month AND you want to stay married for another TWO YEARS...you BOTH need to file bankruptcy.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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