I have a friend who wants to get married to her boyfriend, but he has bad credit and told her that he is going to file for Chapter 7. If she gets married to him will it effect her? What are the pros and cons? She is very young and wants to purchase things in the future like a house, car, etc.
2007-11-08 06:26:29 · 14 answers · asked by Luxurious_red 2 in Family & Relationships ➔ Marriage & Divorce
Let me say that my friend boyfriend is a very good man. She told me a lot of his bills come from student loan and medical bills. If ur not aware, medical bills are very expensive if u dont have any insurance. He claims he wants to start over and not bring her into his mess.
2007-11-08 06:44:02 · update #1
Thing is . . . I consider finances when making a life long commitment. If they marry before they file, then not only will it destroy his credit for 10 years, but hers as well.
They may be able to buy a house, car, etc., but the interest rate will be astronomical . . . and it will make it more difficult to obtain an apartment, etc.
If a person have a poor credit history . . . I consider it a red flag. Finances is important in a relationship, especially managing a family . . . if a person shows poor management then how can he provide for their family, if he hasn't learned the value of money.
If she loves him, and still want to marry him . . . tell her to get a prenupt . . . and not to intermingle their debts. Especially the debt that they are filing Ch. 7 for. Because when he files . . . the prenupt keep it off her record (I believe, don't know for sure . . . you need to contact a Bankruptcy Lawyer for more detail). But if they get divorce . . . she won't get stuck with his bills . . . since by law . . . they become joint assets and debts if not separated by a prenupt.
Thing is, talk with both a Family Lawyer and a Bankruptcy Lawyer . . . with your question . . . they are better suited to answer your questions.
2007-11-15 08:10:41 · answer #1 · answered by Tag Your It 6 · 0⤊ 1⤋
I filed chap 7 a few years ago. Ever since then, life has been great. I have had no problem getting credit cards. You see, they will give me credit because I cannot escape payment. Once you declare chap 7, you have to wait at least 10 years before you can declare it again. So you gotta pay. I did have some difficulty getting the APR I wanted when buying a car, but it wasn't any worse than when I had no credit at all. Also, I just bought as house and there was no problem with that either. Chap 7 can actually be a good thing if you work it right. It's supposed to help people start over, and it does.
2007-11-08 06:55:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Banruptcy will not erase student loans.
Unless you can show that your education loan payment is an "undue hardship" on you, your family, and your dependents, your student loans are ineligible for cancellation (discharge) in bankruptcy.
It is difficult to prove "undue hardship" unless you are physically unable to work and there is no chance of your making money. To discharge your student loans under this special case, you must file a separate motion with the bankruptcy court and present your situation before a judge
With this said whatever financial hardships he is having now he will continue to have. Your friends should get themselves together before trying to get married.
2007-11-08 11:26:28 · answer #3 · answered by mudslide_23511 4 · 0⤊ 0⤋
His credit will only affect her if his name is on any of the stuff she tries to finance. I know some people are real cautious of other peoples debts and finances and some won't be with someone who has those kinds of problems. But filing chapter 7 isn't the end of the world. It's really up to your friend.
2007-11-08 06:36:23 · answer #4 · answered by grneyedgrly 4 · 0⤊ 0⤋
honest, money is not evel its the love of money that is... but being married to someone who is filing chapt 7 can be a problem in the future because his credit is going to be really really bad and therefore, a mortgage is going to have a really high interest rate so are car loans and so forth if they co sign a loan. so if they love each other then they should get married but it is going to be a very expensive ride
2007-11-08 06:32:40 · answer #5 · answered by Katie L 2 · 0⤊ 0⤋
His credit will be ruined for seven years following the bankruptcy. If she is married to him during the bankruptcy, her credit will be affected as well. She needs to wait until after the bankruptcy is over, at the very least. After that, if she wants to buy a house and car with him, she will have to wait seven years. If she is okay with them being only in her name (or her and a different cosigner) then she can do it earlier.
2007-11-08 06:32:14 · answer #6 · answered by Liz 2 · 1⤊ 0⤋
no
Although Chris thinks Chapter 7 was the way to go, I question if it is that easy to obtain credit for a home loan. Not managing your money is a serious problem and if this young man does not know how to budget they are in for financial problems for the entire time they are together.
Also she might think of the fact that if her boyfriend is this negligent about his credit rating what else in his life does he mismanage!??!
2007-11-09 06:51:55 · answer #7 · answered by litl m 4 · 0⤊ 0⤋
wait till after the chapter 7 is file ..
2007-11-08 06:46:42 · answer #8 · answered by rpetch007 7 · 0⤊ 0⤋
Yes it will effect her and her credit rating in a very negative way. The two of them should not marry until he grows up and takes care of his responsibilities.
Tell your friend if she marries him she will become his surrogate mother, not his wife.
Good luck.
2007-11-08 06:30:51 · answer #9 · answered by box of rain 7 · 1⤊ 0⤋
I wouldn't. Unfortunately, financial problems is one of the causes of failed marriages. They would already be starting off their marriage on the rough side with bankruptcy issues.
Just keepin' it real...
2007-11-08 06:34:23 · answer #10 · answered by George G 2 · 0⤊ 0⤋