My husband just left me and has let me know very clearly I will not see “a dime” from him. This cuts my household income down from $4600 to less than $2000. We had bought our home 3 years ago and managed to build up about $20,000 in credit card debt. This is in addition to my leased vehicle and his vehicle which I am a co-signer on.
I need to figure out where I can get help with everything from the credit cards to the mortgage; getting my name off his vehicle and even looking for addition income… Any help would be appreciated. The total of all of our monthly payments (including his vehicle) is about $2,760.
I really dont want my credit to be ruined but I am not seeing many options to get out of this.
Thank you in advance
Well this is a bad news, good news situation.
The bad news is that your financial obligations were based on your joint income. Now that you are splitting up but still tied financially the bind is still strong between you. Meaning, divorce is between you and your spouse but it has no impact on your creditors. Any joint debt you had before will be a joint debt after.
The good news is there is a solution. The typical scenario is the spouse being left feels wronged, determines to maintain their credit and lifestyle, eventually everything turns to crap and falls behind.
There is a legal option that will legally break your ties to your spouse financially, bankruptcy. If you go bankrupt first it will drop all the joint debt in his lap. Creditors will have no alternative but to go after him for the debt.
Think of a divorce as a legal marital fresh start, a bankruptcy is legal financial fresh start. If you are going to have to go through the pain, go through it all at once and get one complete fresh start.
Click here to find a local bankruptcy lawyer and go talk to them about what bankruptcy would mean for you.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.