I have met the love of my life and am planning to move in with her.

Problem is, she has recently declared bankruptcy, and I am worried about how this will effect my credit if we get married.

Asked by Tony

6 Answers

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Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Tony:

First, congratulations. Second, this is a great question and one that I would also advise having your CPA (or tax preparer) and a financial adviser answer as well.

Your intended's credit will have no effect on your credit just because you get married. However in the world of mortgages for example where I live, this is a situation that could effect your ability to qualify on a mortgage loan for a home that you may want to buy. For example, if you are purchasing a home together and the lender pulls a credit report, they will see the bankruptcy (which will be only on your fiance's record, not yours). Although the bankruptcy is not yours, nor is it on your record, because you are trying to qualify for the home purchase together, this may become a problem and you might need to explore qualifying on your own.

I hope this helps and good luck. | 02.25.14 @ 23:10
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:24
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
Individuals have their own credit files even after marriage. Applying for joint credit can be affected by a bankruptcy on either applicant's records. Good luck! | 09.18.14 @ 16:55
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:24
Answered by Ted Erickson, Mortgage Broker in Novato, CA
My wife never pays her bills on time either. Run for the hills! Ha..just a little humor to break up the polite talk. Why is it always someone in Hermosa Beach asking so many questions is the question? Lots of curious people in that city with money questions. | 10.23.14 @ 05:06
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:24
Answered by Houtan Hormozian, Mortgage Broker in Woodland Hills, CA
Congratulations Tony

This question can only be answered by a Bankruptcy and Estate attorney. CPA or Financial advisors can't tell you how your credit will be effected if you get married to someone who has declared bankruptcy.
| 11.06.14 @ 03:37
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:24
D
Answered by dskow
It wont affect your credit directly...if you choose to apply for credit jointly - you will be affected | 11.17.15 @ 21:39
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:24
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Tony,

Do you love this person and want to marry her? Well, wedding vows can play a significant role in answering this. Now, if this is just a business arrangement, we will need to review you & your proposed spouses complete financial records to render a financial opinion into the M&A deal. A prenuptial agreement may help. Check with your Attorney and your state regulators for about this. http://family.findlaw.com/marriage/prenuptial-agreements.html

We invite you to contact us directly do explore this in greater detail.

It's not what you make, It's what you keep that determines your lifestyle. | 04.02.16 @ 15:57
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:24
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