Bankruptcy

lilacs80 · #1 (**permalink**) 03-01-2010, 05:35 PM

Hi Everyone,

I'm a newbie to this forum. I've been in debt ever since college, but never out of control until the last couple of years. I haven't worked in almost 2 years and my husband is the only one with the source of income. Even with me not working, we've always managed to pay my bills and everything else, minimum payments though. But nevertheless, bills were being paid. For the last several months, I've been seriously contemplating filing for bankruptcy as an individual. All these debts are under my name solely and many of which I've had even before getting married. My husband and I have kept our debts separate so we don't have anything joint together. I have 50K worth of debt, haven't worked in nearly 2 years, no income under my name, don't own anything, no house. Will I be denied for bankruptcy? I've read online that people can be denied. It's not fair to my husband that he keeps making ends meet because of my debts and I'm drowning the both of us. So this is something I've been considering for a long time and it's something I'm finally going to do. It's not something I'm proud of, but it's something I rather do than have everyone else drown with me. Anyone here has filed for bankruptcy? Anyone with a similar situation as me? Any insight would be appreciated. I'm meeting with the lawyer tomorrow.

sapphirecapital · #2 (**permalink**) 03-02-2010, 05:58 AM

depends on the state you live in (community property) but there should be a possibility, I doubt you will be denied but you have not shown enough details, student loans are notoriusly difficult in bankruptcy, use the lawyer and make a plan, if it is not bankruptcy find an agreement with the lender to at least waive interest and maybe get you streamlined on the basis of your situation.

CreditNightmares · #3 (**permalink**) 06-03-2010, 10:22 PM

I'm in a similar situation but reversed. My boyfriend has been in debt ever since I met him in college. He even jokes that I wouldn't want to marry him because it would hurt my credit; it's that bad! Half kidding aside, I think he believes filing for bankruptcy is the solution. However, isn't filing bankruptcy a last resort thing? What are the repercussions? I hate to sound harsh, but I don't want my credit ruined because of his past mistakes.

littleroc02us · #4 (**permalink**) 06-04-2010, 10:14 AM

I'm going to try and say this nicely, but you already have put the burden on your husband. First of all he knew that you had these debts correct before you married him. Why haven't you worked? By not working you have spent and haven't done anything to help pay off the debts. Get a job and start working as a married couple where the debts are both of your responsibility. You need to rip up all credit avenues and stop borrowing money. Get a job and start working to pay back the loans. Bankruptcy in my opinion is the very last option.

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