My 81 year old husband has been spending money in credit cards as though it is going out of fashion. He has spent all of his money by paying his debts and I must say he has great credit. Now, all he or I have are the social security checks coming in as income. I'm going crazy with this situation because he likes to live like he did before. He and I married 5 years ago and I have never bothered him with his finances since his money was his and my little social security check was mine.

My Questions is:

While my husband is phisically and mentally is in great shape, how can I go about getting better control of the situation and since I have recommend bankruptcy, how should we get started. Since there is absolutely no extra money, do we have to have a lawyer to do the processing? I have read the rules of bankruptcy, but it baffles me that he has not devulged our delemia until just recently. What to do??

marianp

Bankruptcy is basically getting control over your budget and yours sounds out-of-control. I believe you need an attorney to assist you and your husband through this process. Make an appointment (get a free one) and see if your husband is going to cooperate.

Well bankruptcy will not fix the problem, it only gets rid of current debts, if he will not start and live on a budget, he will merely be in worst shape in 3 or 4 years and not able to file bankruptcy again.

So unless he is willing to actually set and live on his income, bankrutpcy will do little for him.

Also depending on how many debts are joint debts, and what you own together, you both may not have to file, he may be able to file bankruptcy on his own..

The rules of bankruptcy are hard, so yes you really need an attorney, some will work out payment plans, and you should find some that will file for about 1000 dollars for you.

Also not near all attorneys offer first visit free, so ask before you go,