Expert: David - 8/25/2009

Question
My husband and I are planning to file a joint CH 7 bankruptcy very soon. We both have low credit scores but mine is a bit higher due to most of our credit being in his name only. The home we lost to foreclosure, an auto which was repossessed, credit cards and a loan we defaulted on were all in his name. There is a judgment for the deficiency balance on the auto which was repo'd also. My question is would filing together be a good idea? There are things on my credit report as well, but they are minimal, a credit card or a couple utility bills, which are few and all only a few hundred dollars. We have been told that his creditors can come after me for repayment/garnishment etc, if we file separately. Is this likely? I would like to avoid filing if possible as I understand it can sometimes do more harm than good as far as your credit score. Please advise.

Answer
If you have any joint accounts you will be liable for the balances owed. Keep this in mind when deciding how you should proceed.  Also, with proper steps your credit score can increase very quickly after bankruptcy.

David
www.financialscoringsolutions.com