Debt Relief Concerns for Families and Couples

Debt Relief Concerns for Families and Couples

When considering debt relief when you have a spouse or a partner it is very important to evaluate each of your situations separately. This way you can make sure that you both need the proposed solution.

This is true for any debt relief related situation. Meaning debt settlement, credit counseling, hardship arrangements, and bankruptcy.

If your family is struggling financially…

The last thing you need to do is create a situation that constricts your abilities even more.

If your credit is still good and a logical solution can be found without having to involve your spouse or partner, your family will benefit, since one of you will be able to maintain good credit.

It can be extremely helpful to your family’s future to just have one spouse or partner execute a debt relief strategy.

debt settlement when married

The things to consider are…

  • How much of the debt is in both of your names?
  • Are either of you just an authorized user on these accounts?
  • How much debt is in your name?
  • How much is in your partners?

Is it lopsided enough to where it would make sense for just one of you to execute a debt relief strategy?

For example: If a you and your spouse have $50,000 in credit card debt, but $10,000 of it is in just one of your names, it would probably make sense for you or your partner not to ruin their credit.

Whether you’re considering bankruptcy, debt settlement, credit counseling, or hardship arrangements, make sure that it is necessary for both you and your partner.

Other considerations…

A common question that I’m often asked is – “Will my future ability to borrow be impacted by my spouse’s credit?” The answer: only when you file jointly.

So if you’re in a situation where the debt is lopsided enough to where including either yourself or your partner in the debt relief approach doesn’t make sense, the only time their credit situation will impact you is when you apply for credit together.

Another consideration you want to make is the income of the spouse that doesn’t include themselves in a debt relief plan. If the income isn’t strong enough, they may not qualify for future credit even though they do have good credit. So please be sure to temper the possible availability to credit accordingly.

If you would like more insight about settling your debts, please refer to my 4-part series about how debt settlement works.

For additional reading see reestablishing your credit after debt relief.

I hope this information about debt relief and your spouse helps you, please feel free to contact me for any additional assistance.

Written by Jared Strauss

Jared Strauss

I help people settle ALL of their delinquent debts at the same time. I charge 10-15% of what I save you.

I don’t offer a long-term program. I limit my service because debt settlement isn’t successfully reliable if you can’t settle your delinquent debts quickly.

I was formerly one of the most successful debt collectors in the country. And don’t worry, I wasn’t one of those huffy-puffy types. I also held positions of Collection Manager, Corporate Trainer, and Director of Collection Operations. I’ve worked for large third-party collection agencies, collection attorneys and large debt buyers. (full bio)

I’ve dedicated my website towards truly explaining how debt settlement really works and to dispel the myths revolving around credit and debt.

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