My husband has chronic depression and has always just worked part time. He had a small business as a process server, and he got a business credit card from Capital One for $5000. The card is in his name and he got it before we got married.
The last few years, he’s stopped working mostly, just laying on the couch and struggling with life. I paid off his cards, including the $5K. Then he charged it up again, and there’s no way he can pay it, and now I can’t either. I pay all other bills and support the household, and I can’t pay this card, as the minimum payment is now $1800.
What options does my husband have to deal with this $5K credit card that is now five months past due, and will I be able to keep out of this – can he file bankruptcy without it affecting my credit? I had to file bankrupcty 10 years ago, and I’m finally free – I don’t want to go down that road again.
A process server? Doesn’t seem like the best job looking to overcome chronic depression, just saying.
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The path to overcome this situation might seem backwards but trust me on this. To best put the financial problems behind him he needs to focus on getting his depression under control with medication and/or talk therapy. Depression is a major contributing factor towards developing money troubles.
Let’s look at what depression does and some of the symptoms.
- Creates inability to develop plans.
- Lead to inability to execute plans or long term goals.
- Leads to a disinterest or lack of motivation to address bigger issues.
- Lead to inability to deal with creditors.
- Contributes to shopping or spending to mitigate feelings of depression.
- Persistent sad, anxious or “empty” feelings
- Feelings of hopelessness and/or pessimism
- Feelings of guilt, worthlessness and/or helplessness
- Irritability, restlessness
- Loss of interest in activities or hobbies once pleasurable, including sex
- Fatigue and decreased energy
- Difficulty concentrating, remembering details and making decisions
- Insomnia, early–morning wakefulness, or excessive sleeping
- Overeating, or appetite loss
- Thoughts of suicide, suicide attempts
- Persistent aches or pains, headaches, cramps or digestive problems that do not ease even with treatment
Here is a great guide that you can download to give you an overview about depression.
Once he starts to be treated for the depression, then he can file bankruptcy in his name alone if he needs to, but treatment might just lead to his willingness and enthusiasm to work harder to eliminate his debt by paying it off.
Unfortunately, without treatment for the underlying depression, if you bail him out again the cycle will just repeat.