I am sure that you hear this all the time, but my wife has been getting further and further into the hole with various credit cars and lines of credit. This has been happening continually over the last 7 years, to the point where I have had to step in on a number of occasions and pay it off through savings or even home equity loans. Once again it she has done it again and now has $32,000 and I have run out of money or equity or anything so as it sits I am simply paying her bills using my line of credits and overdraft.
I have spoken with my bank and they have suggested I put my wife into personal bankruptcy to prevent her from being able to continue this. Can I do this? Does it sound like this is a good idea? Please help!
personal bankruptcy
posted by Questions @
1 Expert Comment:
At January 8, 2007 |
3:23 pm
, Barton Goth, GCO Inc. Bankruptcy Trustees Said...
There are really only two ways to become bankrupt. First, a person (or a persons authorized legal representative) can voluntarily assign themselves into a bankruptcy, or second, a creditor can petition a person into bankruptcy (although this is very rare). The later seldom happens.
Also consider that your wife may get the point where her credit rating becomes bad enough that no one will be willing to provide any futher credit and as long as you do not cosign or guarantee any of her debt you may be able to accomplish the same result. However, to effectively do this and protect yourself at the same time you should not have her listed jointly on any of your accounts and all major assets should be in solely your name.
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