Getting a divorce. Husband wants to negotiate lower settlements but I want bankruptcy.
We are in credit card debt, $65K. We are current on the accounts with late penalties for the months the due date didn't consider with the monthly cash flow. The debt is a culmination of financial stupidity, medical bills and high interest rates and fees. My husband & I want to file for divorce but can't afford a 2nd household. I have extreme rheumatoid arthritis and qualified for disability. my husband won't file bankruptcy, we would have to divorce and being I will be living in poverty I get the statistic status of going bankrupt not him. This is not a bitter ugly affair so if we could actually get control of the debt we can pay this off together. We are making no headway at the rate we are going.
Am I a candidate for a debt settlement program even though I am not months behind in payments.
—RaeAnn
Your personal situation would suggest bankruptcy, not debt settlement, is the right option for you to look into. Your husband is a different matter. If you file bankruptcy you will no longer be liable for the debt, but he will be. Filing for bankruptcy, if you both agree on that route to eliminate the debt, would likely be better if done prior to the divorce being final than after.
If he will not file, he will have to come up with a solution that will work for him. Perhaps debt settlement would work for him.
I am glad to hear that this is not a messy divorce/separation. Working together on this will benefit you both. I have worked with many clients where husband and wife were not only on different pages entirely, neither would speak together about the debts.
You do not need to be behind in order to qualify to work with someone in the network, but there are other definable reasons why some of us would not qualify someone to work with, or even recommend debt settlement as a viable option. I would encourage you to set up a time for a consultation so that we can get into all of the particulars. We will then be able to make more specific suggestions.
You can call 800-939-8357 and select option 2 for a free consultation, or submit a debt settlement consultation request right from this site.
Credit card details when getting a divorce.
If you, or anyone later reading this page are okay with sharing more of the details about something so personal, feel free to use the comment feature below and provide:
- Who are the credit cards with.
- The balances owed on each.
- How far behind in payment each account is.
- If the account is joint, or only in one spouses name.
- Credit card accounts where the spouse is an authorized user.
- The amount of money both spouses are confident they can contribute each month to knock down the debt.
- Whether you have consulted with a bankruptcy attorney.
Post additional details and questions below for feedback.
Anyone with questions or concerns about divorcing with credit card debt, or the differences between settling debt and bankruptcy, is welcome to post in the comments below for feedback.
About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.
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