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What should you do if you have 70K in credit card debt and a house that is not paid off and your spouse is unemployed?
Wiki User
∙ 12y ago
It would appear that the person's options are limited.
Refinancing the home if one could get a lower payment and interest and perhaps cash out could be considered but that could prove difficult given the circumstances.
There are debt consolidation and other such agencies, but one must be extremely cautious when dealing with them.
The interested party might also consider consulting with a qualified bankruptcy attorney.
The ABA and all state bar associations offer free attorney referral services.
American Bar Association, see the Related Link below.
Wiki User
∙ 12y ago
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Are you liable if you are getting a divorce and your house is facing foreclosure but your name is not on the deed?
Getting a devorce and house is facing forclosure but my name is not on deed. Am I liable.
Are you responsible for your dead spouses credit card debt if you own a house together?
Your dead spouse's estate is responsible for the credit card debt. In practice, this may amount to "you are responsible for it."
Should you apply for a joint auto loan if one person is new to credit and the spouse has less than average credit?
Working in the collections industry I am jaded. I would say never sign for credit on a vehicle unless it's for your own car. If you get divorced you will be on that loan and also held responsible for the funds. If they can't find your spouse then your wages will be garnished. I have never financed with anyone including my husband. (except on our house which is a different story.)
If your spouse dies what happens to the house in Michigan?
Normally the spouse inherits the house. By law in Michigan a married couple should own the property as Tenants by the Entirety, which means that it transfers upon the death of the other spouse. Check the deed to insure that is so.
When you marry will your credit and your spouse's credit be combined and will you be responsible for your spouse's collections?
No.Debts acquired before marriage remain the responsibility of the person who made them.However, if you live in a community property state all debts of a married coples are joint debts.In other words, if you buy a car, house, take out a loan, get a credit card,etc., your husband will also be responsible for the debt.
What are the release dates for The Unemployed - 2011 The Crack House 1-7?
The Unemployed - 2011 The Crack House 1-7 was released on: USA: 2 April 2012
What are the benefits of adding a spouse name to a house deed?
The advantage would be for the spouse if you reside in a community property state where survivorship goes to the spouse should a death occur and property is divided 50/50% in cases of divorce.
When you get married does your credit reflect on your spouse?
To answer your question: No, the credit of one spouse will not effect the credit of the other in any way. The only time the credit of one spouse will effect that of the other is when both open a joint loan, or joint credit account, in which case those specific accounts will be reported to both of your credit histories. That's it! :o) Hope this answers your question. the last answer is correct. I would just like to add that as a stay at home mother with a husband with bad credit, I am severly affected. His bad credit is 6-10 years old, my credit is immaculate. We can not get a car or a house on credit, we have to pay cash for everything. we can not use my "perfect" credit because I do not work. We can not get approved jointly, and he can not get approved alone because of his horrible credit(even though he makes more than 100,000 a year). If you marry into bad credit it does not affect your score, but it may affect your life.
Father has credit card debt Mother and Father own the house No Mortgage Can credit card compaines come after house should he die?
You should name your country, In England, no, anywhere else, I dont know.
Alabama - If spouse is being sued for his own credit card debt and you own a house together would it be a good idea to do a quitclaim deed for you?
yesget the quick claim deed
What are the release dates for Spouse vs. House - 2011?
Spouse vs. House - 2011 was released on: USA: 4 May 2011
Is there a mortgages for poor credit rating?
Yes, mortgages are always there when you buy a house, despite your bad credit, you may not even be offered to buy a house. So you should try to fix it.
