u/KomaKuma

Hello Everyone,

I'm trying to assist my husband with a $22,000 credit card debt at a 19% interest rate he incurred while struggling with mental health and medical issues prior to our recent marriage. I'll be setting up an appointment to consult with a bankruptcy attorney this week, so we can get as much advice as possible on our options and how best to move forward, but I would also like other people's suggestions on our situation.

Currently, all our finances remain separate, and I plan to buy a house in my own name in 3 years when my husband finishes his degree, using a 100,000 down payment I have already saved in my high-yield savings account before we were married. My husband is currently attending school for a healthcare degree that will cost 12k in total tuition in subsidized and unsubsidized student loans, and will take 3 more years to complete. He is focused solely on school and doesn't have time to take a part-time job, as he watches over our son when he isn't at school to save us on daycare costs. His credit score is 700. Once he is finished with school, the expected pay from his new job will be approximately 75k a year. He has already fully paid off his car, has no other assets or debt, and has $3,000 in savings for emergencies. We live together, and I pay for everything we need and am still able to put money into savings with no issues (medical expenses, car maintenance, utilities, food, daycare, rent, health insurance, etc.). Everything remains under my name only because I wanted to keep our finances separate. My credit score is 830, and I make over 100,000 a year.

Would it be better if he:

1. Take a personal loan to transfer his CC debt to a lower interest rate. However, he would not be able to make the monthly payments alone, regardless of the lower interest rate, for as long as he cannot work right now, because he's in school.
2. Declare bankruptcy since he will not need to use his own credit to apply for anything, such as apply for apartments, get a new car, or use his own credit cards, and will not be applying for a mortgage since everything will always be under only my name from now until he finishes his healthcare degree and gets a job in three years.
3. Take from my savings originally meant to go towards the house I wanted to buy us in 3 years to pay off his 22k debt immediately. I would still be able to buy a house, but it would increase my monthly mortgage payments to an uncomfortable level in the future.
4. Are there other options were aren't considering?

Thank you to everyone for your help!