Credit score?

[busted]

None of our bk is cc related, it is all business loans realted but in my husbands name (not the business name). I was on 2 business leases with my dh that I am being sued for. My credit score is very good right now.
My question is...
If I file jointly with my dh, will my credit score drop and be ruined? I only have 1 cc and the balance is only like $200, I wan't even going to file on it.

[jal1129]

Yes, if you file bk it will tank your score, it does'nt really matter how many or how few creditors you have.

Also you have to include all debt in the bk you don't have a choice to leave some cards or debt off.

[brokeinmichigan]

You can pay off your $200 balance and not include that card, as long as it has a $0 balance. Your credit score will definitely take a big dive, though.

Hoping for brighter skies ahead...

[juststupid]

if your going to file with him than why leave a card off, even if it is a small amount? You can have a fresh start. And yes it will tank your score, mine just with filing went down 20 points, but has since risen back up 18 points. And my husband who had a nasty score before filing, his never went down but has risen 23 points.

[lrprn]

None of our bk is cc related, it is all business loans realted but in my husbands name (not the business name). I was on 2 business leases with my dh that I am being sued for. My credit score is very good right now.

I hope that you two have already talked with 3-4 bankruptcy lawyers to find out what your best options are as a couple in your debt situation. Any time personal debt is mixed with business debt, the trustee goes through the filing with a fine-toothed comb. Whether you file together or just your husband files, this is NOT a case to try to do on your own. You need an experienced Ch 7 lawyer who is very familiar with how your district bankruptcy court typically handles the business/personal debt mix. What state are you in?

Also if you are listed on the business leases as a co-signer, then if your husband files, all the owner will do is come after you for the balance. If you both file together, then chances are the arrears may be wiped out in bankruptcy if the business is no longer operational (or at least is consistently no longer profitable).

If I file jointly with my dh, will my credit score drop and be ruined? I only have 1 cc and the balance is only like $200, I wan't even going to file on it.

First of all, if your husband files, all his debt MUST be included. If you both file, ALL of your debt and your husband's debt MUST be included. You don't get to pick and choose what is listed unless the balance on a card or loan is $0.

What other debt besides your husband's business/personal debt is involved? Do you have a mortgage with both your names on it? Are you listed as a co-signer on any of his credit cards? How about your car loans?

And please....I truly don't mean to come across as harsh or insensitive, but when anyone is thinking of filing bankruptcy, the potential impact on their credit score should never be the deciding factor.

If you and dh haven't met with 3-4 experienced bankruptcy attorneys in your area yet, then start making free appointments for consultations with them before you do anything else. You will learn a great deal from each visit and also get a good start on figuring out which option (dh files alone or you file together) is best for your unique situation. Please come back and let us know what you find out, ok? Good luck - we are all hoping things go well for you both.

[SinkingFast]

If you're to the point you're considering BK as a solution to your financial and legal issues,................ Then your Credit Score should really be the least of your worries right now.

Yes, BK is a Public Record that will show on your Credit Reports for years to come. Yes, your score will take a hit to begin with. But then, as all the debt drops off, your score will increase somewhat. As you begin to rebuild, your score will improve.

Time and paying all bills in the future as agreed will heal your Credit wounds.

[busted]

Thanks you guys, my other post "Our sick story" give more detail to our situation. I think I over posted due to stress

Just to answer a few here,

We do have a mort. with my dh being the only one on the loan. It is not in foreclosure yet.

The attorney I spoke to yesterday said that possibly I could make a deal with these 2 landloards so they will leave me alone and I poss. wont have to file.

I understand about the cs, my other post tells more of why I didnt want to file.