I recently filed for bankruptcy because of a failed business. I had to file chapter 7. It is to be resolved in the next month. I am also planning on getting married, but not for another year or so. What are the ramifications, if any, of this on my fiance? He already owns his own house and we have not bought anything jointly.
2006-12-26 08:28:14 · 13 answers · asked by jackie 34 2 in Business & Finance ➔ Personal Finance
Very little. It could make it difficult for the two of you to purchase a home jointly in the next 7+ years.
2006-12-26 08:29:34 · answer #1 · answered by Plasmapuppy 7 · 1⤊ 0⤋
As long as you do not apply jointly for credit it will not effect you...you didn't file!
Keep your finances (checking, savings, investments and loans) separate until this is off his credit report (7-10 years) or until he has re-established his credit and raised his score to equal yours at minimum.
Always remember that anyone who has access to your account can transact any business just as can you. I would suggest that the two of you have some very serious discussions regarding finances and your financial goals. If necessary meet with a counselor for guidance. You can find more information about financial counselors through the consumer credit counseling services which are non-profit organizations. They not only handle credit reorganization but they have a debt counseling program that is very insightful.
Good luck in your marriage and I hope you both can be financially successful in the future!
2006-12-29 03:43:25 · answer #2 · answered by Inquisitive125 3 · 0⤊ 0⤋
that bankruptcy will follow you for a while and therefore anytime you purchase anything, like a car, boat, anything financed, you will encounter a higher interest rate.
there are programs that can help decrease the effect your bankruptcy has on your credit and possibly eliminate it off your credit, but there aren't any guarantees and they usually cost money.
so, i would say that if your cars are in good condition and you're not planning on purchasing any for a few years and you're living in his house, then your bankruptcy will have little to no effect on him.
take care and congrats on getting married!!!
2006-12-26 08:49:54 · answer #3 · answered by joey322 6 · 0⤊ 0⤋
None what so ever because you were not married when you filed for bankruptcy so it will not affect his credit if that is what you are worried about, hope that help you with your question.
2006-12-26 08:35:07 · answer #4 · answered by God R 3 · 0⤊ 0⤋
You should consult a lawyer on this. Trust me, it's worth your $100. You will have reliable answers. Also, you will be able to choose the best course of action for the two of you as far as formality of the marriage goes.
2006-12-26 08:31:54 · answer #5 · answered by Everybody's Favorite 5 · 0⤊ 0⤋
Joint applications for credit by you and your beau will become difficult with your bankruptcy on your record for the next 7+years but his credit will not be affected by yours.
2006-12-26 08:34:17 · answer #6 · answered by bnkr27 2 · 0⤊ 0⤋
I believe it's all you sweetie. But talk to a bankruptcy lawyer or go to the courthosue to double check!
2006-12-26 08:30:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You will have zero credit rating for a long time to come. Better tell your beloved before you get married.
2006-12-26 08:31:24 · answer #8 · answered by WC 7 · 0⤊ 0⤋
there are not any ramifications for him the only problem will be if he wants to add you to the deed the interest rate could sky rocket.
2006-12-26 08:30:59 · answer #9 · answered by Mrs Fulton 3 · 0⤊ 0⤋
This link discusses your question.
http://www.bankruptcyforum.com/showthread.php?p=67147
2006-12-26 08:32:47 · answer #10 · answered by spicertax 5 · 0⤊ 0⤋