FROM what I’ve witnessed in the last 15 years as a bankruptcy attorney, debt problems can put a huge stress on any marriage. When couples are going through a financial crisis, they are often deeply frustrated with one another especially when they are not on the same page as to what they need to do to survive the crisis.
When you’re in debt, priorities have to be decided for the sake of financial security. When you don’t see each other eye to eye, this causes marital strife and in a lot of cases, can easily lead to separation or divorce. As a matter of fact, debt problems are one of the main causes of divorce in this country. If you are in this situation, remember that whatever changes you need to make or solutions you need to implement will have to be a team effort because that’s what you should be- A TEAM. Arguing gives you something to do but doesn’t get you anywhere. This is not a time for blaming each other for what happened in the past if you are committed to each other enough to go to the future together.
If bankruptcy is the solution, should you file together? It depends. In California, all debts incurred during marriage are community debts and both spouses are liable 100%. However, in practice, it may not work out this way. For example, credit card companies often only go after the spouse who signed the agreement and whose name appears on the account. That might change, however, if you signed as a joint account holder or if you were given a card as an authorized user with the understanding that you will also be liable for the entire debt should the primary borrower default.
If your debt problems are causing problems at home, remember that life has to go on and although you may sometimes need to make the difficult decisions that you’ve been avoiding for a long time, it’s not the end of the world. If you value your marriage more than you do your finances, you will find a way to work with your spouse in finding the right solution and together, you will overcome the problems. After going through this difficult time together, in the end you may find that your marriage may even come out stronger and better than before.
A good debt relief attorney can help you work together toward your goals and advise on all available options to get out of debt. Whether you are dealing with a foreclosure, credit cards, lawsuits, judgments, student loans or IRS debt, I offer a FREE CONSULTATION to analyze your situation and recommend what I think are your best options. Call my office at 866-477-7772 to schedule an appointment with me and I hope to see you soon. I have offices in Pasadena, Valencia and Cerritos.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped thousands of clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1 (866) 477-7772.
