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Hello, I just got married. My wife has some past unsettled debts. If she decided to go the Bankruptcy route, how would that effect me and my "good" credit standing? Thank you in advance for your help.

2007-04-27 21:23:27 · 8 answers · asked by Groovielou 2 in Family & Relationships Marriage & Divorce

8 answers

If you go back to the YA homepage and click on Business & Financing, they have a subcategory like Marriage & Divorce that is entitled Credit. You may get a lot more detailed answers to your questions there.

But it looks or appears that your wife has to get some financial counseling and until then, you need to take care of all the financial responsiblities even filing the Bankruptcy forms, consolidations, or cash settlements in lieu of collections. As well as overtaking all the regular bill payments that need to be made.

In return, she will need to make good on her promise to you to turn over all cash moneys, incomes, returns and checks to you. Sometimes, an obsession with spending can last a lifetime and will be a daily stuggle for her.

When, and if, she can gain control over her impulses, she can start small to help rebuild your credit together. If she went through a period of financial hardships of no fault of her own, then it might not be a habit but rather an unfortunate set of circumstances.

You will have to be the judge of that since it will involve both your finances personally. "For richer, or poorer" she is now your spouse.

2007-04-27 22:57:44 · answer #1 · answered by Anonymous · 0 0

Your credit rating is now gone. She should've filed for bankruptcy and had it completely resolved before she married you. Unless you two had a pre-nup explaining that her debt was hers only, the debt that she has automatically becomes your debt or basically 'couples' debt. But be careful of the bankruptcy route, you assets coming into the marriage may be worth more than the debt that she owes. Meaning that your assets can be liquidated to get rid of her debt. Investments, 401K, property, bonds, savings, and other hard assets of yours can be sold or gotten rid of to pay off her debt. I'd consult an attourney to find out what you're liable for. Good luck.

2007-04-27 21:39:50 · answer #2 · answered by dakotaviper 7 · 0 0

So what? Support her and get through it together! Many people have filed bankruptcy and gotten through it just fine. Your credit rating shouldnt be your concern, making sure her debt is taken care is more important! Good grief.

2007-04-28 03:13:07 · answer #3 · answered by an88mikewife 5 · 0 0

your credit standing will surely suffer but since you are already married, just try to workout some payment schemes. Try to help her out of it

2007-04-27 22:00:26 · answer #4 · answered by Ai 3 · 0 0

no more credit,, name in paper, bankrupt for 3 years

2007-04-27 21:34:45 · answer #5 · answered by Anonymous · 0 0

Unfortunately, your credit is shared since you are married. Both of you would be effected.

2007-04-27 21:25:43 · answer #6 · answered by hemmerrocks101 3 · 0 1

once married, her debt becomes your debt. i should know when i looked at my credit report and saw all my husbands accts were listed under my name as well as my accts under his name. luckily, our credit is ok. and if she needs to claim bankruptsy...you have to do it together. better of reconsiling. looks like you need a lawyer.

2007-04-27 21:28:33 · answer #7 · answered by CUTIE PIE 3 · 0 0

moral or the story: check your girl's credit before proposing haha.

2007-04-27 21:34:19 · answer #8 · answered by BuylowSellhigh 1 · 0 1

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