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He's in a sticky situation, so now we have to think about options...help please

HIM: Is wanting to claim bankruptcy, he was up to date on all payments as of 4 months ago, but then got a cut in his pay and could no longer afford to pay anymore.

ME:I am currently looking for a job to help out, his debt did come before me, a long time ago while he was in school, but his $ issues effect me directly now. I have great/seemingly perfect credit.

WE: Are planning on getting married, I of course will not do so until the matter of Bankruptcy is settled, if he does it, it needs to be before the marriage so it doesn't wreck my history.I also run a small business which will bring in some money but not a bunch.

Should we wait on marriage and see if we can pay it off if I get a job? Set a time limit for me to get a job and if not then he files? Just file?

 
Anonymous

Asked by Anonymous at 11:54 PM on Aug. 16, 2010 in Money & Work

This question is closed.
Answers (17)
  • I would recommend credit counseling. (google search: Consumer Credit Counselors). They can cut fees and give one monthly payment. Bankruptcy is hard to claim if you have any assets. It's easiest to go through credit counseling and see if they can help with the situation. If they can't, they will recommend bankruptcy.
    gnovinger

    Answer by gnovinger at 11:56 PM on Aug. 16, 2010

  • Once you marry him, you will be tied to his credit. If you want to look at an opportunity to make some extra $$ to get him out of this mess, contact me. Good Luck!
    Gene_Godwin

    Answer by Gene_Godwin at 11:56 PM on Aug. 16, 2010

  • Hmmm, the problem with bankrupts, last I knew, was that now when you claim it, you still have to pay it off AND it goes on your credit score. So, i guess the question would better be served if I asked you if you would want to wait and pay it off little by little, or have that on ur future hubby's record and still owe the money!? It will be hard either way, but one goes away, the other one prevents you from getting what you may need in the future.
    kbishop8688

    Answer by kbishop8688 at 11:57 PM on Aug. 16, 2010

  • Credit counseling is best, and usually free to get seen the first time. Bring all the bills, everything.
    txdaniella

    Answer by txdaniella at 12:00 AM on Aug. 17, 2010

  • I know that it does not tie me to his credit at all, I will still have great credit, his will be jacked so it will mess with us later, but say I open credit in only my name, it has nothing to do with him, even when married....I already contacted an attorney about that part.

    Also, if we get married the business gets popular during Jan-June so I usually bring in about 20k, which in full would wipe out his debt, but I don't know if I like the pressure of making that much and then having it all go to debt.
    Anonymous

    Comment by Anonymous (original poster) at 12:03 AM on Aug. 17, 2010

  • There's two different types of bankrupcy. There's CH 13, where you pay it off. CH 7 is when it's discharged completely. My dh and I filed CH 7. We don't have to pay anything off.
    gnovinger

    Answer by gnovinger at 12:04 AM on Aug. 17, 2010

  • Your credit score will not be ruined. You will have to put everything in your name and not joint. Like the house loan, car loan, separate bank account. But your credit is your credit it does not join together.
    SawyersMommy603

    Answer by SawyersMommy603 at 12:10 AM on Aug. 17, 2010

  • He wants to do Chapter 7, and an attorney said, based on debt, interest and income he should get it granted. I was just thinking of hopefully paying it off so it's not there, but the bad history will always be there, so it's a hard choice to make.
    Anonymous

    Comment by Anonymous (original poster) at 12:11 AM on Aug. 17, 2010

  • Does anyone know if we get married can I apply for loans in just my name, but then also use his income? or no...and please don't guess, just if you know.
    Anonymous

    Comment by Anonymous (original poster) at 12:12 AM on Aug. 17, 2010

  • You need to get this bankruptcy issue resolved before anything else is planned. Since your credit isn't tied to his yet, he needs to get his financial problems settled. In the mean time keep looking for a job to help out. The pay cut wasn't his fault, and be thankful that he still has a job. I don't know what kind of wedding you were planning, but you need money to get married too. Just put it off for a while, until some things get settled down.
    amessageofhope

    Answer by amessageofhope at 12:13 AM on Aug. 17, 2010

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