Can I declare bankruptcy given my circumstance? Is it illegal if I do?

[lazaro94]

I have good credit and have not made more than $15,000 in over two years. Fortunately my domestic partner makes good money and we have lived a very good life together. His credit though, SUCKS!!! He has not paid any of his bills in over 5 years and quite honestly has absolutely no interaction with debt collectors. Anyway, we have used my credit for quite some time now and keeping it alive is where most of our money goes. So the question is this: Can I just stop paying the bills, declare bankruptcy after a few months and just start from a clean slate? Is this illegal?

We are not married as the federal law does not allow same-sex relationships so that kinda works out for us as we are not responsible for each others welfare by legal terms. Any advise would be great. Thanks.

[nann]

If you meet the requirements for filing bankruptcy, then you can file for any reason. You would need to speak to a lawyer about that.

But your credit would be destroyed for 10 years, and you may or may not be able to keep your house, car, etc.

I would recommend that you, as a couple, speak to a debt counselor first to see if you can make a plan to pay down your debts.

[chason62]

You are responsible for the debt that is in your name. You are not responsible for anything in your partner's name, so you cannot claim those debts when you file for bankruptcy.
If the amount YOU owe is so much that you cannot pay it, then you can look into filing bankruptcy. But there may be other options that don't destroy your credit. Start by talking to the credit card company, warn them that you are considering bankruptcy and see if you can get a better payment deal.

[jordi]

You are responsible for the debt that is in your name. You are not responsible for anything in your partner's name, so you cannot claim those debts when you file for bankruptcy.
If the amount YOU owe is so much that you cannot pay it, then you can look into filing bankruptcy. But there may be other options that don't destroy your credit. Start by talking to the credit card company, warn them that you are considering bankruptcy and see if you can get a better payment deal.

It is not that quick to file for bankruptcy. You have to have no liquid assets preceding your filing. I believe there are certain requirements for filing Ch. 7. Bankruptcy used to take 6 months to discharge. I think it is much less nowadays. It costs $1000 for an attorney and $300 filing fee. But a bankruptcy stays on your credit report for 10 years, and it is difficult to get credit right afterward. Here is some information. If you dont owe much and your accounts are in collection, those people will often settle the debt for about half.

http://www.bankruptcyhome.com/filing-bankruptcy.htm

[hyun-su]

I used this company called Guardian Credit Solutions they settled my debt for 15% of what i owed, and they also do credit repair maybe they will give you a discount if you both do that give them a call at 219-262-9999 i was more in debt then you are and they helped me out ALOT.

[seme22]

You wouldn't be "financially stable" if you opt for bankruptcy. LOL
But, since you don't care about anyone but yourself and what you want, go talk to a bankruptcy lawyer. Their initial visit is free. Bankruptcy filing is not.
Not sure why you even asked a question since you have your mind set on obliterating your good credit score.

I guess water seeks its own level. (read: partner has crappy credit, doesn't pay creditors back...now you want to emulate him)

[oz]

What you are suggesting is a cold blooded crime. Why would you set out to stab yourself just because you are living with a crook? Rethink this, please.