My boyfriend and I would like to get married, but his credit is awful and is in pretty deep with debt. If we get married before he files for bankruptcy will it negatively affect my (good) credit rating or me in any other way? Or is it better to wait until after, which is what I currently told him had to happen?Does a bankruptcy filed singly by a spouse affect the other? Is it better to wait to get married until after?
The answer depends on the state where you live. If you live in a community debt state such as Texas, then generally each spouse is liable for the other鈥檚 debts. Therefore, if one spouse discharges debt through bankruptcy, the creditor may turn to the other spouse for payment.
Talk with a lawyer first!Does a bankruptcy filed singly by a spouse affect the other? Is it better to wait to get married until after?
It shouldn't effect it. I'm married, and after we got married, my wife did bankruptcy but I didn't. It wiped out the credit cards that she had acquired before we got married, and even a doctor bill afterward ... Basically everything that was just in her name. But it didn't effect my credit at all. Something to remember though, is if he buys a car or something, you'll probably have to do it in your name. You can include his income to get the loan even, but just do it in your name.
Actually I'd probably have him do it before you get married But it's not that big of deal if he does it after.
I'm in Ohio (if state laws vary). True ... Talk to a bankruptcy lawyer ... the initial counseltation is usually free and they would have the best advice.
Your boyfriend's bankruptcy does not affect you. However, you may have joint debts in which his bankruptcy may result in continued liability to you on those joint debts.
Your spouse's bankruptcy does not affect you either. Again, the consideration is joint debts. I don't have opinion about community property states becasue I don't practice in one.
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