Do I have to include my spouse in my debt relief program?
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.
The things to consider are...
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.
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.
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.