Has anyone had to file bankruptcy after a divorce?

Question

Since my soon to be ex-wife racked up over 50K worth of credit card debt behind my back while we were married, my lawyer suggests that we file for joint bankruptcy.

I'm not crazy about the idea due to the downstream consequences...it stays on your record for 7 yrs., insurance co's adjust your rate by credit score, renters wont sign a lease with you, etc.

Your thoughts?

Answer 1

That is one option. Result - bad credit : 7 -10 yrs.

2nd option :

Just don't pay those things. Result - bad credit : 7 - 10 yrs.

(but you didn't have to get a lawyer and buy bad credit!!!!!)

2rd option :

Pay everything if you can and save your credit.

Ask yourself this. In 7- 10 yrs. Could I rebuild my credit and have spent that same money on things for me or should I spend that time paying for stuff I won't get.

Answer 2

It might be your only option.

There are worse things in life than bankruptcy.

Answer 3

my girlfriend did, and boy was her ex emabarrassed.

Answer 4

Unless you can make the payments every month you really have no choice.  And why would you want to make those payments every month, paying minimum payment will take you like 100 years to repay it.

Yes it will take 7 years to get your credit back, but I know of someone who did it, and he is okay now after 10 years.  I say do it.

Answer 5

I had to too, they started garnishing my checks and I couldn't make it with my 2 kids, yeah it stays on your credit for 7 years, but you could be paying for it for the next 20 if you pay it off. It's not that hard to rebuild your credit