In several recent consultations with prospective clients and current clients, I have noticed a recurring theme; too many married couples keep their finances separate. Neither spouse knows how much income the other is making or the amount of debt the other owes and sometimes a combination of the two. This is a recipe for disaster. When you decided that two should become one, then this applies to every aspect of your lives.
A prospective client came in for a free consultation last week because a creditor had filed a lawsuit against him. He had not been able to pay this creditor for some time because of other debt that he had accumulated. When he went to his spouse for help, she was unable to because of the amount of debt she owed and the fact that her income had recently been cut due to her working hours being reduced. This caused them both great stress which could have been avoided if they had known the others situation and planned accordingly.
Luckily, after hiring me we came up with a solution that has them heading in the right direction. He filed a Chapter 13 debt reorganization plan which stopped the lawsuit from becoming a garnishment of his wages and is allowing him to pay back all of his creditors at a monthly amount he can afford. When faced with similar situation or debt that you are struggling with, please reach out to a professional who can give you reliable advice. At Bond and Botes, we always offer a free initial consultation to review your situation and explain all your options.