I'm getting married and my husband to be is thinking about filling bankructy with this affect me?

Answer 1

The answer is yes. But the way in which it will affect you depends on:

-- Whether you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Puerto Rico) or a Uniform Marital Property Act state (Wisconsin). All other states and territories are "separate property". If you move from a CP to a SP state or vice versa, your assets could by hybrid -- mixed.

-- Whether he files before or after the wedding

-- Whether he has tax debts, unpaid child support, student loans and other nondischargeable debt

-- Your own asset and debt situation, and your salary and earnings.

In a bankruptcy case, community property (CP) is part of the estate and is taken for creditors even if one spouse doesn't file. Some of your assets, and all of your accumulated earnings (and any earlier earnings that you commingle -- combine -- with post-marriage earnings will be taken by the bankruptcy trustee. (There are exemptions which vary from state to state.)

If you were added to any credit cards, you would likely become liable for any pre-existing debt on those cards. (You definitely would if you became a co-borrower; the bank might pursue you even if you were an "additional cardholder".)

Credit scores are based in part on the credit reputation of all residents at an address. Whether or not your fiancé files bankrutcy, this will affect you. Bankruptcy can stay on a credit report for as long as ten years and never less than 7 years.

Your earnings added to his might make him ineligible to file bankruptcy. There is an earnings test under the 2005 bankruptcy law. (Filers also have to take a credit counseling session before filing; this can be done online or if you file through a lawyer at his or her office. It's a nuisance and not very productive but it's in the law.)

So, my advice: do not marry until your fiancé's bankruptcy is sorted out -- not until at the earliest the day after he files. If you are thinking of buying a house, do so before you marry and IN YOUR NAME ONLY. After you marry your credit rating will suffer and you would pay much higher interest rate (a "sub-prime mortgage").

If despite what I've said you marry anyway, do not file a joint tax return with your husband until THE YEAR AFTER he has filed. (He can file a "short year" tax return for the part year up to the date of filing, and another short year return for the rest of the year; you could not. But also, you would be liable for any unpaid tax on a joint return. And you really don't know what his tax situation is until his accountant figures it out. The risk is too great.

Go with your fiancé to bankruptcy court and sit in on a few cases, and a few "341 meetings" of creditors. This will make you far less apprehensive when his time comes. Also, it's a good way to pick a bankruptcy lawyer: you can interview them right there and compare their styles and personalities, and talk to the clients.

Finally, borrow the Nolo Press book on bankruptcy from your public library, or buy it on Amazon or from http://www.nolo.com

Answer 2

Hell yes it will. When you marry, your credit becomes intertwined. And if he is still in bankruptcy, or formally goes into bankruptcy after you get married, then you acquire the same status as him. Personally I would think twice about marrying someone that has that problem- studies have repeatedly shown that people that file once often turn around and do it again a few years later. Be prepared to always struggle with this issue with him.

Answer 3

Not a lawyer but I will tell you this- spend the $75 to $150 to consult with a lawyer.
Once you are married most states consider all assets and debts to be shared. That means the debt your soon to be husband has will also be yours (in most states). It would be better for your husband to file and have his financial responsibility identified by a court order prior to your marriage. Each state has different legislation covering bankruptcy and debt collections, you really need a local lawyer to explain what you are up against.
It would be better for one of you to have good credit than neither of you. Consider delaying the wedding for the benefit of both of you.
Good luck.

Answer 4

it have no effect on you, if he files before you get married. but will affect your joint credit apps afterward. If you rent you pretty much have to forget any place that has property management company approving you. After he files he will get tons of credit applications, car sale adds etc. they know he can't file again for years and they want to be getting his money. good to find the loopholes ahead of time. good luck. oh, and congrats

Answer 5

Someone about to file bankruptcy is not fit to marry.
You WILL be sucked into his mess - if it is a community property state that you stupidly married this guy in.

Answer 6

Yes - tell him to file first that way there is no chance if it getting on your credit report. Thats what I did before I got married.

Answer 7

Do not marry this man until he gets his finances in order. Unless you don't mind supporting him for the rest of your lives together. Just a thought.

Answer 8

yes and No. It won't mark your credit in any way, but if you try to go in together to buy a house or a car or anything, it could hurt or your chances and/or raise your interest rate. But consider if the bankruptcy is better for you than having to pay everything he's going to bankrupt... it was totally worth it for me ! Good luck !

Answer 9

Only if he files after you're married. Otherwise it should only affect his credit.

Answer 10

Yes it will affect you. Don't get married yet.