Should spouse avoid BK because we rent?

[Wowzers]

We are about the bite the bullet but we are renters, and I know how hard this will be next time we have to move despite my good references. If my wife does not file, however, that sticks us with $8k of debt she owes. But then she keeps her excellent credit score with no record of late payments or BK.

Can anyone tell me what advantage her not filing will bring to us in the next seven years as I recover from this? I certainly do not consider credit card offers an advantage. But maybe her having good credit will help us get our next place if we are forced to move?

Please let me know what you think as this is a big decision. Thanks!

[bcohen]

Your wife's good credit is of no value for trying to obtain a rental house or apartment, unless she has sufficient income of her own to qualify for the house/apartment by herself. If your wife does not work, or earns little money, then keeping her credit "good" by not having her file will not help either of you. What will help you both qualify for another rental is a good reference from your current landlord and stable employment. It is probably in your best interest to file jointly, dump your wife's debts along with your own, and put that $8k toward savings instead.

[Wowzers]

Thanks for your reply. It is true she does not work so her good credit would not carry much weight in a rental application or car for that matter. Hopefully I will get some other opinions though as this is a big decision.

[LadyInTheRed]

I agree with bcohen. Get a real fresh start. You will be able to rent housing and get a car loan after BK.

[Wowzers]

We are going to file jointly. We are both in that dazed stage where we are wondering why we did not do this two, three years ago. All that suffering and struggling and paying off minimums on debt we never could have paid off in the first place. Learning the hard way is still learning.

[Pjmax]

Wowzers, one regret you'll hear most often from BK7 filers is, I wish I did it sooner.

I think one of the best benefits of BKforum is emotional support, in addition to the excellent advice, of course.