Quick Answer: Spouse overspending hurts relationships when one partner’s daily spending ($8-9 on coffee/snacks equals nearly $200 monthly) prevents saving for goals like vacations and college funds. The spending spouse may respond better to financial advice from neutral experts or books rather than direct confrontation from their partner.Dear Dollar Stretcher,My husband’s spending is starting to …
“Dear Steve,Lots and lots of credit card debt……..I have enrolled myself in a Debt Management Plan to help me eliminate most of my debt… $35,000 of credit card debt…… I have some cards that were rejected in the plan so I need to tackle them on my own. Some of my accounts are current; some …
Quick Answer: Creditors are not bound by divorce agreements and can pursue either spouse for joint debts, but an ex-spouse cannot successfully sue for money they haven’t actually paid out. Jurisdiction typically follows the defendant’s residence, so Lucy would likely be sued in Florida despite owning Ohio property. Lucy “Hi Steve I have two questions …
Quick Answer: Bankruptcy helps when monthly income cannot cover minimum debt payments, as demonstrated by this couple with $57K credit card debt requiring $1K monthly minimums but only $450 available income. With debt consolidation requiring unaffordable $1,315 monthly payments, bankruptcy becomes the logical solution to eliminate overwhelming debt and provide a fresh financial start.KC “Dear …
Quick Answer: A couple used IPO money to pay off their mortgage, then accumulated $450K in debt ($390K HELOC, $60K credit cards) from an unsuccessful business venture. They should sell their oversized home, use existing $40K in stocks for credit card debt, and downsize to escape the financial burden.“Dear Steve,6 years ago, with money from …
Quick Answer: While technically possible to file bankruptcy without a spouse’s knowledge when filing individually, experts strongly advise against it since the deception typically gets discovered and causes more relationship damage than addressing the financial problems honestly from the start.Janie “Hi Steve,I think I know the answer to my questions, but want to see what …
Quick Answer: Payday loan debt remains the borrower’s individual responsibility when accounts are kept separate, but the financial strain can destroy marriages through distrust and hidden obligations. Spouses should immediately investigate all payday loans through credit reports and consider intervention, as these high-interest debts typically compound quickly and indicate deeper spending problems.“Dear Steve,I’ve been married …
Quick Answer: A 1099 during divorce means spousal income will be taxed, but personal debts remain separate – Chapter 7 bankruptcy for $32,000 in individual credit card debt won’t affect the ex-spouse’s assets. Creditors cannot pursue the former husband’s income or property for debts solely in the wife’s name.“Dear Steve,Hi Steve,I helped my husband run …
Quick Answer: A spouse accumulating $200,000 in debt over 5 years through failed businesses while avoiding proper employment represents financial irresponsibility, not just overspending. The working spouse supporting the household while the other repeatedly starts unprofitable ventures demonstrates a pattern of poor decision-making that threatens the family’s financial stability.“Dear Steve,I have been reading several of …
Quick Answer: When debt is incurred in a spouse’s name, both spouses may be liable depending on state laws and card agreements, but the named cardholder bears primary responsibility. This reader accumulated $17,000 in credit card debt using her husband’s name while on disability earning $11/hour, creating financial strain that threatens their home since bankruptcy …
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