Hi, I’m new here and have been reading some of your post and have learned some valuable info. My question is my husband is the co-signer on my auto and also we have a joint checking with an over-draft account. I hope to keep my car and that loan stay as is. Also our mortgage is joint. I don’t want to hurt his credit,due to the fact that I got in over my head. Any advice about what will happen or what I need to do? Thanks!
I’m confused. Are you getting a divorce? When you are married your no longer his and hers but ours. You should be working this out together. If you are over stretched then you both are.
Every state is different but if you live in a community property state and most others any debt acquired during a marriage is Joint and effects both credit ratings if the creditor choices to report it under both names. Anything that is jointly held cannot be separated unless refinanced.
If you don’t pay then they can go after your husband for debt if they can prove you aquired it during your marriage. He does not have to be a co signer or anything.
I suggest you get the Nolo press book most libraries carry them. Make sure you get the newer one as laws have changed.
It used to be you could file for Bankruptcy which put creditors on an automatic stay then you could Negotiation with them and get a better deal and then close the case but with the new laws requiring counseling that is harder. You should try to Negotiation now there are some good books that help with that. This will be harder if they know your husband is also on the hook for this debt.
I have already had credit counseling and an individual can file BK on debt that is only in one name. My husband has never helped me with my bills and I pay half of the mortgage and household bills. We have been married 7 years and there is never enough money.
Sounds to me like you should tell your husband that if you are filing the BK papers, that you are also filing divorce papers. There is no mine and yours when you share a house. You should have 1 bank account, and all the earned money goes in there, and all the bills are paid from there. If you want to have ‘allowances’ then budget that in, but trying to split everything down the middle on your bills will NOT work.
I put in about $1000 a week take home and my wife makes about $400 a week take home. Now if I suggester to her that we are going to be splitting all the bills down the middle and she has to pay half, that would be ludicrous.
Just my $.02.
You may be able to file a solo bankruptcy but I would be surprised if those creditors could not go after your spouse for payment. It is probably state law dependent but I know when I got a divorce one reason I filed the papers so early was to prevent my continue liability for my ex-husbands debt that he ran up. Until the papers were filed he could take out credit without my knowledge and I would still be liable. legally any assets or debts acquired during a marriage in most state are owned jointly. So there is not real his and hers even if your husband refuses accept that. This is especially true if your filing joint tax returns.