Boyfriend filed Bankruptcy....?

Question

Hi: My boyfriend filed bankruptcy about a year ago. We are talking about getting married. Does this affect me if we do? Does it affect my credit and buying a house?

Note: due to a bad divorce and his ex-wife sucking him dry and walking out on him leaving him with all the bills..... ( she had a great lawyer) he also has one child... he had to file bankruptcy. He has been nothing but wonderful this year with money managment.

Answer 1

It may effect you since a house is considered community property in most states and his name would need to be on the contract too. How about you buy the house before you get married. Otherwise it shouldn't effect you unless you are buying something that is considered community property

Answer 2

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RE Boyfriend filed Bankruptcy....?

Hi: My boyfriend filed bankruptcy about a year ago. We are talking about getting married. Does this affect me if we do? Does it affect my credit and buying a house?

Answer 3

Just getting married it won't affect your credit. Trying to buy a house, car, or credit card. If you both use your names and info YES. I think for up to 7 years. There are things now were you can get approved even if you have no credit, bad credit, bankruptcy, etc. Look into it. Ask him to ask the lawyer who did it for him?? A lawyer would know best. Good luck!!!!!!!!!!

Answer 4

If you were my daughter, I would suggest you hold off on getting married. The absolute worst thing you can do is walk into a marriage with money problems. His problems are going to affect you seriously. Many are saying your finances will be separate from his and your credit score will be separate from his. While this is technically true, that makes a huge supposition that the mortgage company is stupid. They may be many things, but stupid they aren't. On your loan application, you will have to put your marriage status. They will then check the credit of your husband. Or you can lie which leads to a whole slew of other problems.

Don't get married for at least another year and then only after he has completely turned his financial situation around. Tough advice, but take it from someone who has suffered through years of "money fights."

Answer 5

If he pays his bills on time, his credit score will start to recover from the bankruptcy after about 2 or 3 years. However, it still won't be good enough to get you the best interest rates on mortgages.

If your credit is good and you can qualify for a mortgage with out his income, you'd get a much better interest rate.

Answer 6

His credit will not directly affect you in any way. We all have one credit score and it is attached to our SSN, so your info does not merge with his.

It does affect you in other ways indirectly. Because he has bad credit and you good does he expect you to provide him with credit cards? If he defaults on those cards it would affect you negativly (not saying he does or would, just considerations to make). When it comes time to buy a house or a car, if his name is on it with a bad credit score he would probably need you to cosign...this in and of itself would not bring down your credit score, but the more items you have in your name the more your debt to income ratio is affected and that inturn would affect your credit worthieness. So you need to watch that kind of thing. The biggie will be when you are ready to buy a house. If his credit is poor it could affect your interest rate, especially if you need him on the mortgage to buy the house (ie because of DTI).

So it may be a very good idea to have your accounts separate, but it is also important you two put a little time and effort into fixing his poor credit and maintaining your good credit...so you will be on equal footing. Also you say he is really bad at money managment, so it might be important to keep separate finances (you could have 3 checkings...the checking for your paychecks to be direct deposited into, the checking for your bills to be paid from and groceries, and the checking for your spending money...give him access to only the spending money account.). It is important he doesn't feel you are imasculating him, but that you are trying to help him and keep your finances in order as well.

Answer 7

It will have an effect if you try to buy something together... Any time his credit needs to be pulled, it will effect you. He probably will not be able to have his name on the house, car, etc. You may find out more at http://www.debt-relief-usa.info

Answer 8

my ex left me after twenty years for her bar prince charming who filed bankruptcy and owes the irs 15,000 dollars. she has to file her income takes in her name (a hardship tax), she bought her truck and house all in her name before she married him and yes their combined credit is deplorable. he gets yours and you get his once you tie the knot. good luck and be wise.