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[burdett]

I was a struggling Realtor for the past 5 years and (as we all know) that was the wrong industry to be in. I basically had to live off my credit cards, now owing $30k on those. I've been making on time monthly payments for years, always a little more than minimum due.
I successfully short sold my home 2 years ago, dropping my credit from 720 to 650 or so. I have no clue what it is now but since i've been almost maxed on 3 credit cards for awhile it's probably dropping still. My credits already bad, would BK make it worse?
I owe only $13k on my car and make timely monthly payments. Own no home now. I just got married, my man is in the military and we've just relocated (which is why I have no job). He is saying that my debt will soon affect HIM, like creditors will come knocking down his door. That doesn't sound right to me, since it's debt under my name, my social, cards in my name, etc.
Anyway, I have no income to pay this amount off, which is new to me since I have had high credit all my life, dont know a thing about new bankruptcy laws, dont know about credit solutions company, etc. i just know that i am paying SO much in interest every month, its not going down anyway. When we do buy another home, he could buy in his name because his credit is great, and I still have my car and dont want a new one anytime soon.
thoughts?

[elkan80]

1 - Credit that is in your name only does NOT affect your husband. Nobody can come knocking down his door to collect your debts.
2 - A bankruptcy will stay on your credit report for 10 years from the date of the discharge. You can start rebuilding your credit history after about 3 years, but the bankruptcy information will stay for 10 years regardless. This means that when you do start to have credit available to you, you will pay higher interest rates because you have proven to be a high risk.
3- When you see a bankruptcy attorney, he will perform a "means" test to see which chapter you can file under. They look at your average income for the past 6 months. If you are filing alone (and there is not need for your husband to file because he's not in financial trouble), then the limit is lower. But if you have no job and haven't worked in the past few months, you should be well under the requirement to file a Chapter 7 bankruptcy. Chapter 7 discharges all debts. If you want to keep your car, you can not list that in the bankruptcy and just keep making your monthly payments on the car. The attorney will explain to you how that works.
4- Bankruptcy is not free. It will cost anywhere from $3,000 to $5,000 to hire the attorney to file the bankruptcy for you.

The "new" bankruptcy law only states that you must prove you have no way to pay anything back before you can file a chapter 7 bankruptcy where everything is discharged. Used to, you could file chapter 7 even if you had the means to repay some or all of your creditors, but no longer.

[calin]

your debt is yours befor you married if you buy a new home thay will check boths credit best is file bankrupcy in your name you should have befor you were married...but just get over as fast as you can