Creditors and Bankruptcy/bankrupcy and marriage

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Expert: Regan Shinski - 2/24/2010


Question
Iam 32 years old currently disabled and receiving SSDI. I only receive about 630 a month from that. Currently my medical debt is close to 200,000 and debt with credit cards and a few utilites is roughly 2000. I have come to the conclusion that bankrupcy is my only option. My fiancee and I plan to wed in the next 3 1/2 months.My worry is how is this going to affect him. He has wonderful credit, owns his own home, great job and all that. I don't have the money to file bankrupcy. If we are married which is what we want anyway, I would be covered under his legal advisor plan from work and would be able to have my bankrupcy taken care of through that, however if we are already married how does this affect him? This is my debt long b4 him.I am worried about them coming after his assets. I don't really know what to do. We live in SC.Is he protected from having to pay my debt if I file. Will this affect/change the wedding date?

Answer
In general, he will not be responsible for debts you incurred before the marriage.  There are exceptions.  If he is listed on the debt as a co-signer, guarantor, authorized user, or in any other way linked to the debt account, he can be on the hook.  If you ADD him to an account at a later date, he may become liable for the account in the future.  If you get a judgement against you and you have combined asset accounts (banking, real estate, etc) the asset may be at risk to satisfy the judgement.

I strongly recommend you consult with a bankruptcy attorney.  Even if you cannot pay, many give free initial consultations which may answer some of your questions more directly as it relates to the laws in your state.

Additionally, obviously as mentioned above, you should NOT mix or combine your names to any account - asset or debt - until the bankruptcy is discharged.

Good luck,
Regan

Creditors and Bankruptcy

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA - University of Minnesota

Past/Present Clients
(private)

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