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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37864
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I purchased a home 2 years ago in Arizona while I was married.

Customer Question

I purchased a home 2 years ago in Arizona while I was married. I lost my home due to foreclosure last year, my wife never was on the loan. As of now her credit is above average and we only have 3 items jointly(cc, car loan, personal loan). She does not have any kind of collections or negative items in her credit. I on the other hand have too many debts probably around 40k-50k(cc's, student loan, car loan, personal loan), not including rent and other items(gas,food,etc). I have had this debt for a long time. I currently started working at a new job that pays around 77k a year. My previous job was about 48k a year. Would bankrupcty be an option? Should I try and speak with Debt consolidators? My main goal is not to ruin my wife's credit, clear my debt, and save money. Any advice is appreciated.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.
On 5/26 I answered a question about this same issue. You never accepted the answer. Perhaps if you were inclined to accept my previous answer, I would be inclined to answer this one.
Customer: replied 7 years ago.
I never recieved advice and I'm not looking for legal advice. Just a "point me in the right direction" kind of advice.
Expert:  socrateaser replied 7 years ago.

Well, I think my previous answer was pretty spot on, and I regret that you did not.


Concerning your current question, you can take the means test to find out if you would qualify for a Chapter 7 using your new income. Debt consolidators, in my view, are a waste of time, because you pay them to try to discount your debt, and that's a wash. This doesn't fix your credit any faster than does bankruptcy -- which gets rid of everything that can be eliminated, and you will know, once and for all exactly when your credit will be clean again (10 years from date of entry of discharge order) -- assuming that you don't get into trouble again.


Okay, the ya go! Good luck.


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Customer: replied 7 years ago.
What about my wife? If I claim bankruptcy, it will hurt her too, correct? Is there a way around that?
Expert:  socrateaser replied 7 years ago.

To the extent of your spouse's contribution to the community property, she is jointly liable for the debts. So, if you go bankrupt, the creditors will go after your spouse. Which will destroy her credit.


Nothing you can do about that -- not even a divorce would change the outcome.

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