Do I also marry his debt?

Question

My Fiance has very bad credit and several thousand in unpaid medical
bills, from about 3 years ago, he also has unpaid cable, electric, phone
etc bill that are also unpaid from his college years. When we get
married can they come after me for his debts from before we were married,
they are actually; from before I ever knew him? We live in a house that I
currently own and it is in my name only.I have heard that if he takes
no action to pay these bills, the statue of limitations will run out and
they can no longer collect from him? We also both have student loans,
that are currently up to date. If one of us should die, could the other
have to pay back student loans that were not theirs? "

We live in Pa, and I have outstanding credit. I want to keep the house only in my name and have no plans on adding him. All bills are also in my name. He got in to problems when he had a medical emergency while in college and no health insurance

Answer 1

You cannot be pursued for debts incurred by your BF before your marriage - these debts will be in his name only, even the student loans.

Given the situation, it would be prudent to keep your finances separate. There is no reason to put the house in both your names, because then the lenders can come after it.

I'm not sure about any statute of limitation on debts - credit agencies are very persistant. You should be prepared to have an enormous amount of difficulty in obtaining credit in the future as a couple. It would be wise for him to get debt counseling and for you both to pay off these debts and move forward in a more reasonable financial manner.

Answer 2

Not only are you correct about this but according to the laws of what ever state you live in he may also be entitled to half of everything including the house you own once you two tie the knot. I speak from experience hear my dear, please get a prenupital agreement. The house you have is yours, some day if this marriage survives then you can sell it do as you choose with the proceeds, such as a down payment on a bigger house. Also I have to ask you this why does an overachiever such as your self need such an underachiever? Again, been there done that, remember you cannot change a man no matter how HARD you try. Since you asked this question this must be a worry for you. I have to question why the utility bills can't be paid now. Utility bills aren't that much money unless they are several months worth, and I have to question again motives here. Good luck to you, God I wouldn't want to do that again, very very difficult decisions to make.

Answer 3

Any debt that is his only, will remain his. I would not put his name on your deed though.

No, the other one would not have to pay back student loans that don't belong to them. In your case, since you have assets, your loan would come out of your assets. In his case, it depends on what assets he has. If he has any, those would have to be sold to pay off any debt before an heir could inherit.

I think you're getting yourself into a bit of a hornets nest here. Personally, I'd wait to marry him until he gets his life straightened out. If he can't handle his own finances, why do you think he's going to get any better when you have joint accounts?

Have him get a copy of his credit report at annual credit report.com and find out what all is on there and just how bad it is. Each states statute of limitations is different so you need to find what your states is and do some research on what to do to clean up his credit files.

And I'd make him do it. He's the one that got into this mess. Make him fix it. If he doesn't, then you have to make a decision as to whether you want to live like this the rest of your life.

Answer 4

In the U.S., there are two principles you should know regarding debt responsibility:

1) There is no statute of limitations. A new trend in the collection business is to purchase (for pennies on the dollar) uncollected bad debts written off (generally after 7 years) and aggressively begin collection. The downside is that, when these debts resurface, the collection agencies begin to hit your credit, so your credit rating can go down despite the debt having been written off years before.

2) You are responsible only for those debts you agree to take responsibility for. This means that, unless you are a signor or co-signor or guarantor, YOU HAVE NO RESPONSIBILITY.

In an extreme situation, say bankruptcy, all assets you two hold IN COMMON can be up for grabs. But a debt-collector cannot oblige or compel you to pay your husband's debts. Accordingly, I'd advise you to keep separate finances (ie his earnings in one account, yours in another; put the house in your name) until he gets his finances in order. This is more of an administrative thing - you won't get dragged into a legal proceeding if your assets aren't intermingled. Otherwise, it can take a lot more time (and attorney's fees) to sort things out.

They will TRY to collect from you - I used to work in collections and there's some unethical tactics in the field, such as calling up relatives to demand payment for debt (by the way, debt collectors are restricted by privacy laws from even discussing debts with the spouse unless the debtor gives express consent).

Student loans expire upon death. Period. Collateral loans do not expire - the collateral in question can be seized in event of default or death of debtor. Uncollateralized loans (medical) technically don't expire but really can't be collected upon after death. No judge will rule in favor of a collector who drags a widow into court to pay her husband's medical bills.

Answer 5

hi,
it is rumored that if a debt is not collected within 7 years, it is then written off by the creditor but not all company's do this. if and when they locate his new address, they will pursue payment.
your name is not on any of these past debts and should not affect you or your home. to protect yourself, separate checking accounts, separate savings accounts, NEVER co sign anything for him, NEVER get a joint credit card account. or buy a car in both your names, once you do, your credit reports will become combined. NEVER add his name to your home's deed! as for your student loans, i assume each one of you has their own and there was no cosigning...if so, you are safe from his loan. when you want to get something on credit..or get a loan.. get it on your own. don't have both your names on any sort of purchase, nothing. as it stands, you won't be marrying his debt, but put one thing in both your names, then you will have. i hope this helped!
good luck! :)

Answer 6

Not true re: statute of limitations!

If one of u were to die, the other one would not have to really pay off the student loan, unless the dead person has an estate.

Yes, the other debts would affect you as your assets are now joint assets, and the creditors can attach those assets.

Advice: Keep your money & house in a single name (not joint account).

Answer 7

YES when you marry someone you also marry their debts and their assets!! That's why people get pre-nups--to protect their assets AND to protect themselves from the other person's debts.

I would tell him that you love him but you want to start your marriage with a clean slate on solid financial footing. Tell him you will do what's best to protect both of you--therefore you will not marry him until he pays off his debt (besides student loans) and has all his bills current.

You WILL be responsible for each other's debts when you marry--and if the other person dies after the marriage. You need to get a prenup if you think he might rack up debt without your knowledge during the marriage (because you will be liable for that too). I have read of so many widows who discover tens of thousands of dollars of debt their husbands had--and now they are being hounded by the creditors!

Answer 8

money owed and credit comments are in one individual's call in basic terms, till you stick to for a private loan mutually. Any previous money owed ahead of marriage fantastically is only that individual's debt, frequently. In some States you could report financial ruin for one individual and it won't impression the significant different's credit. in spite of the indisputable fact that it additionally relies upon on what the debt is for, while it grew to grow to be in result, and so forth. yet each and each state additionally does issues in any different case. If issues are over-whelming, (you will no longer get an precise answer on right here) i could inspire you to touch a criminal expert.

Answer 9

Why don't you guys just come up with a plan to pay off his debts? Then you won't need to worry about this. Marriage is hard enough without starting off with financial problems.

Answer 10

Depends on what state you are in. In AZ. if you accumualted the debt before you were married they cant attach it. Any debt after you are married that either one of you creates will affect the other.