People often try to avoid bankruptcy at all costs because they are worried about ruining their credit rating. They pride themselves on paying their bills on time, have always maintained a strong credit score and they thought of doing anything to jeopardize that is unthinkable.
Tag: credit
Will My Personal Bankruptcy Affect My Spouse?
When you file a personal bankruptcy it does not directly affect your spouse or reflect on their credit report. Your personal bankruptcy is between you and your creditors. Your spouse is not liable for your debts simply because he/she is your spouse. However, your personal bankruptcy can have an impact on the other person in certain ways.
Good Debt vs. Bad Debt
Good debt is for purchases that appreciate in value or significantly improve your quality of life. Bad debts on the other hand typically do not provide you with any long-term benefit. If you carry a heavy amount of bad debt and are only able to make minimum payments then it’s time to look for help.