Hello, I will be paying the 3K cost for my husband’s Chap. 13 Bankruptcy. We have two small children, one is disabled, I’m not working right now. I have been thinking of putting a public notice in the paper stating that, from here on in, I will not be held responsible for any debts he may incur. What do you think?? Would this stop creditors from attaching the assets I have left?
I doubt it. If you are married, they will try. BUT, if you can convince him to sign a post nuptial agreement, which it sounds like he might refuse to do so given his recent actions and behaviors, you can then file that with all the credit agencies AND any credit card company he opens an account with stating that you will not be liable for his debts. I would double check and see if it will hold up in your state.
But they won’t get a cent from me as long as I can help it. I’ve paid out enough. I even took a loan of 500 dollars to make another payment. I asked a lawyer I know about this (since it’s really been troubling me, obviously). His reply was “Under the New York Domestic Relations Law a married woman’s property is considered her sole property as if she were not married and not liable for her husband’s debts.”
I don’t know, of course, whether other states have differing laws regarding the property of women. At least I won’t have to throw myself on his funeral pyre (I don’t mean to offend anyone but that is one custom I could not accept, personally.)
Hi All! My DH is getting ready to go back to the Marines on recall so we decided to pay off bills since we will be making quite a bit more money. We ran a credit report and saw what all is on there. DOes anyone know how to tell what is most important to pay off first? We are hoping to buy a house in the first year after he gets back. How do i tell what to pay off and what wont really matter?
If your plan is to become debt free you should consider the debt snowball approach. List all your debts by smallest to largest. Pay everything you can toward the smallest and just pay the minimums on the rest. Once you pay it off move to the next one and so on… You’ll find that by the time you reach the last bill your able to pay huge amounts and the snowball has become HUGE!!!
I would advise before you buy a house you become debt free, have $3000 in the bank for emergencies, and at least $10000 to put down on the house. Always get at least a 15 year, fixed rate mortgage.
If you can do all this before you buy, you’ll enjoy the house and won’t have near the stress you would if you bought a house with a lot of debt hanging around your neck pulling you down.
Credit Slips is one of my favorite websites:
This article about Visa’s ad campaign is very interesting. There are many more interesting articles at Credit Slips too. Read all of them if you can. Make sure nothing is late. Make sure to address all “charged off” or “delinquent” debts. They matter to mortgage lenders. Pay all medical bills too.
So even if something has been charged off i should still pay it? I was always told there was nothing you could do once something was charged off.
Things that are “charged off” could have been sold to a debt collection agency. You could call who you owe the debt to and find out who bought the account. But doesn’t that put you in the hands of the unscrupulous debt collectors and re-start the clock on the statute of limitations?