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confused2014

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Is bankruptcy a good choice for me?
I recently finalized my divorce in May and my credit score is horrible. While I was married I was a co-signer on a few items for my ex-spouse who apparently never paid anything on time. My ex was the only one who was working and responsible for the bill payment (I would sort out what bills to pay and he-being the primary on the accounts-was to go pay them). I'm currently engaged to be married and I do not want my new spouse to carry the debt that was accumulated in my previous marriage. I had married young and had no real clue about credit and the consequences that would follow. My fiance and I have discussed filing Chapter 7 bankruptcy but I am hesitant due to the negative responses from friends, family and general research. I was told that it was a good idea to file due to my divorce.... is it right for me?

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This sounds all too familiar! I was at that point when I divorced and my ex eff'd my credit. I actually started the bankruptcy paperwork. But I decided to claw my way out instead. A few things about bankruptcy:

- it will remain on your credit report for 10 years

- student loans cannot be discharged in bankruptcy

One thing to consider is if you have very delinquent accounts, try contacting the creditor and offering a settlement (some creditors will accept *anything* far less than your balance). I ended up doing that for 2 or 3 accounts instead, then starting over with rebuilding my credit by getting a secured credit card and a secured loan.

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