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Family Issues: Marriage & Money |
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More Ask Susan |
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I have debts that my husband does not know about. I would like to pay them off as soon as possible. Can I go on a repayment plan without him? -Sara |
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Sara,
As a general rule, because of potential liability, we request both spouses be included in a debt management program. Exceptions are made for justifiable reasons. Please call MMI at 800-762-2271 and ask to speak to a financial counselor. Explain your situation and why you are asking that your spouse not be included on the program. All counseling sessions are confidential.
The Advice Team |
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I’ll skip to the basics. My husband and I bought a car and we made all payments like normal. In our divorce, he was court-ordered to pay for the car, but he must not have paid because the car was repossessed. They have sent me a letter demanding the money. I don’t know what to do, he was court-ordered to pay for it. -Jan |
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Jan,
I know this is not what you want to hear, but I must be honest with you. Creditors legally do not have to honor the terms of your divorce decree. The divorce decree was between you and your spouse and not your creditors. Your creditors are not involved in this settlement and have no input on the results. Consequently, the contracts have not changed and cannot be changed by the divorce decree. Your only recourse now may be to file contempt of court charges against your husband for his failure to abide by the terms of the divorce decree. An attorney can help to you better understand your rights.
The Advice Team |
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If I marry someone who has debts previous to marriage will I be responsible for those debts?
Thanks for any info you can give me on this. -Teri
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Teri,
Only the person who signed the contract is responsible for the debt. Even in a community property state, any debts your finance incurred prior to the marriage would not become your responsibility.
Furthermore, when you marry, your new spouse's poor credit "will not" be entered on your credit bureau file. The only time your new spouse's poor credit would affect you is when you have to apply for credit jointly. This generally happens when you apply for a mortgage to buy a house. Both of you could be turned down for credit jointly because of your new spouse's poor credit background.
Best of luck to you both,
The Advice Team |
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My girlfriend and I have been together for almost two years and have been living together for about a year. We have decided to marry but have not set a date. Recently, our plans to marry have run aground when I told her about my poor credit rating. The debts are paid off now—will my past financial mistakes really impact her that much? -Ben |
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Ben,
If you marry, your credit history will not be entered on your new spouse's credit bureau file. The only time your poor credit would affect your new spouse is when you have to apply for credit jointly. This generally happens when you apply for a mortgage to buy a house. Both of you could be turned down for credit jointly because of your poor credit background.
Good luck!
The Advice Team |
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My wife has quite a few bills that she isn’t able to pay. I filed bankruptcy a few years ago (before we were married) and I was wondering if my new wife can file for bankruptcy by herself now that we are married or would it have to include me? Of course I know that if it has to include me then she won’t be able to file. -Shawn |
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Shawn,
I am not an attorney, but it is my understanding that your wife can file individually. However, jointly owned property may be affected. Also, if you are the co-borrower on any of the accounts, the creditors may continue to demand payment from you.
Susan |
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My wife is a compulsive spender. As a result we are currently in credit debt to the tune of about $50,000. The only thing we have to show for all of this is a basement and garage full of merchandise with the tags still on, probably 95 percent of which will never be used. I'm 43 years old and have two children; divorce is not an option. Is there anything I can do? -Doug |
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Doug,
MMI can certainly help you to establish a repayment plan. However, to get to the underlying issue, I recommend that you seek advice from a professional counselor. You can also get help from Debtors Anonymous. Debtors Anonymous is a non-profit agency formed to help people with a spending and/or debt addiction. To contact Debtors Anonymous by email for information go to: http://www.debtorsanonymous.org/.
Good luck to you both.
The Advice Team |
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