I don't agree with bancrupcy at all. I would rather him work on paying his debts little by little. I think overall it will look a lot better that he's putting the effort into paying his debts rather than just eliminating them. Your feedback would be helpful to both of us. Thanks
2007-09-08 05:38:41 · 16 answers · asked by Anonymous in Family & Relationships ➔ Weddings
It depends on the situation. I mean, if the guy owes more than he makes in a year you are going to spend the rest of your lives paying it off.
Bankruptcy is going to take 10 years to really go away after he does it and with new bankruptcy laws he may still have to pay some of it back. If it will take you two (AND YES ITS YOU TWO SINCE YOU ARE GETTING MARRIED) longer than 10 years to pay off the Bankruptcy or you are in real danger of losing something neccessary like your only car or home Bankruptcy may be for you. You need to get a credit counselor and speak with an attorney to find out what is best for your situation.
2007-09-08 08:04:33 · answer #1 · answered by pspoptart 6 · 1⤊ 0⤋
As long as you don't have any joint accounts with him--YOU'RE fine. Make sure you protect your good credit rating.
I agree with you that he may be trying to take the easy way out, but there are definitely cases that warrant bankruptcy. However, filing bankruptcy is always a last resort measure, you do it after all else has failed.
On a personal note, he's demonstrating that he cannot manage his own finances. Remember that the number 1 reason for divorce is issues regarding money. If he doen't have the self-control and disipline to control his spending, how is he going to have the disipline to handle something like a marriage committment? I would be very cautious about marrying him, especially if you live in a community property state. Because the minute you marry him, any new debt he aquires, becomes yours as well. He will negatively affect your credit rating. Good luck!
2007-09-08 07:05:35 · answer #2 · answered by basketcase88 7 · 1⤊ 0⤋
Please sit down with a bankruptcy attorney before you make this decision and do this together. This is important since It'll affect both of your lives for 7 to 10 years. You need to know the consequences & the benefits. Especially in regards to purchasing big ticket items like cars & homes. Credit counseling is now a mandatory part of the bankruptcy process. So if you proceed with this your fiancee will have to attend. This is usually done over the phone. Good Luck. Donald Trump has filed for bankruptcy twice.
2007-09-08 10:40:47 · answer #3 · answered by lemonlimesherbet 5 · 0⤊ 0⤋
I have a friend that is a debt counselor and she told me cause I have a friend going through the same thing that if you write the people that you have a debt with a letter and the largest sum of money that you can get together for that debt and tell them in this letter that this is all that you can afford to put on this debt and that if they agree to these terms that this date is consalidated if they cash that moneyorder or check that means they agreed to those terms and that debt is taking care of....
2007-09-08 06:21:36 · answer #4 · answered by letitia.calloway 2 · 0⤊ 0⤋
Tell him the bankruptcy will affect you both and that it would be better for him to pay his debts. If he's unwilling to do that, you may want to reconsider marrying him. Also, take careful note of his spending habits. If they have gotten better, great, if not, don't marry him, and no shacking.
2007-09-08 06:17:17 · answer #5 · answered by Anonymous · 3⤊ 0⤋
How much is he in debt for? What were the debts for?
I agree with you that he should work on paying off his debts.
Bankruptcy can hurt you in the long run.
I would sit down and talk with him about it before you say "I do".
2007-09-08 12:27:34 · answer #6 · answered by Terri 7 · 0⤊ 1⤋
I totally agree with you. He would do better to sit down with a credit counselor and consolidate his debts into lower monthly payments.
2007-09-08 06:21:39 · answer #7 · answered by CrazyChick 7 · 1⤊ 0⤋
If your fiance is in so much debt that he is considering bankruptcy then you better run far far far away from him! He is not responsible and obviously can't handle his money. Married people fight and get divorced over money issues. You might want to think about that before getting married.
2007-09-08 08:10:06 · answer #8 · answered by Anonymous · 0⤊ 1⤋
I agree. You made the debt, you pay it off.
Are you sure that you want to marry someone who is this far in debt?
2007-09-08 07:48:33 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Tell him to go through the Credit Counseling Service. It will save him a lot of headaches. He should close out his credit card accounts himself rather than allowing the card companies to do it.
2007-09-08 16:09:57 · answer #10 · answered by Billy P 2 · 0⤊ 1⤋