Is it OK to marry someone who went bankrupt?
Is it OK to marry someone who went bankrupt?
Bankruptcy and Marriage: Should You Marry Someone Who Went Bankrupt? This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. Here’s an email about marriage and money that I recently received from a reader:
What happens when a groom goes to bankruptcy?
If your soon-to-be-groom goes with a Chapter 13 bankruptcy, his debts won’t be discharged. He’ll still be paying them up after the bankruptcy is final. And even if he qualifies for Chapter 7, not all his debts are likely to be discharged. Once the judgment is final, you’ll know exactly which debts he’ll still be dealing with.
Why does my fiance want to file bankruptcy?
While some people file bankruptcy for reasons beyond their control, it doesn’t sound like that’s the case here. It sounds like your fiance has made some serious financial errors in the past. He likely overextended himself to purchase too many properties. And he failed to plan for the future. This may not be a deal breaker, either.
When is it better to keep assets separate from bankruptcy?
But here are some other situations where it may be better to keep your assets largely separate: Let’s say he ends up with a tax lien from the bankruptcy. You file a joint return. In this case, the IRS will get its money before you get your tax return. What about paying student loans or government loans affected by the bankruptcy?
What happens if a husband files bankruptcy without his wife?
If a husband files bankruptcy without his wife, only the husband’s debts are discharged. If the debts are held jointly, the non-filing wife will still owe even after one spouse has filed bankruptcy.
When is it best for a spouse to file bankruptcy?
If so, it may be best for the heavily indebted spouse to file bankruptcy to preserve the other’s credit score. If, on the other hand, joint debts are your main problem, it will be necessary for both spouses to file in order to truly rid yourselves of debt.
How does bankruptcy affect a spouse’s credit report?
If the debts are held jointly, the non-filing wife will still owe even after one spouse has filed bankruptcy. The bankruptcy filing will appear on the husband’s credit report, but should not appear on the wife’s.
Can you file for bankruptcy after wiping out debt?
However, there’s a catch. If you file too soon after wiping out debt in a previous case, you won’t be eligible for another debt discharge (forgiveness). Although there are times that it makes sense to file for bankruptcy even though you won’t receive a discharge, these situations are rare (more below).
Who is Katherine McDonald and what should you know about bankruptcy?
Katherine McDonald is a writer and business major from Portland, Oregon. She has been happily discharged from her bankruptcy for two months and is working hard on rebuilding her credit so she can buy a home. When she’s not writing, she enjoys running marathons with her boyfriend and beating him every time. You can find her on Google+.
Bankruptcy and Marriage: Should You Marry Someone Who Went Bankrupt? This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. Here’s an email about marriage and money that I recently received from a reader:
If your soon-to-be-groom goes with a Chapter 13 bankruptcy, his debts won’t be discharged. He’ll still be paying them up after the bankruptcy is final. And even if he qualifies for Chapter 7, not all his debts are likely to be discharged. Once the judgment is final, you’ll know exactly which debts he’ll still be dealing with.
While some people file bankruptcy for reasons beyond their control, it doesn’t sound like that’s the case here. It sounds like your fiance has made some serious financial errors in the past. He likely overextended himself to purchase too many properties. And he failed to plan for the future. This may not be a deal breaker, either.
Katherine McDonald is a writer and business major from Portland, Oregon. She has been happily discharged from her bankruptcy for two months and is working hard on rebuilding her credit so she can buy a home. When she’s not writing, she enjoys running marathons with her boyfriend and beating him every time. You can find her on Google+.
What happens if your ex-spouse files for bankruptcy?
If your ex-spouse was ordered to pay an unsecured debt such as a credit card or medical bill that is in both of your names and subsequently has it discharged in bankruptcy, the creditor will not be allowed to try to collect on the debt from your ex-spouse.
What happens when a spouse files for bankruptcy?
In rare cases, the creditor may inadvertently notate the filed bankruptcy on the non-filing spouse’s credit report. If the bankruptcy notation is on your credit report, dispute the notation with the credit reporting agencies, Trans Union, Equifax, and Experian.
What happens when a co signer files bankruptcy?
Your lender is probably just fine with this state of affairs because it still has you on the hook for the loan. Regardless of whether your ex files for bankruptcy or simply stops making payments, lenders have a legal right to collect the debt in full from the remaining co-signer.
Why did Shane Filan declare his wife bankrupt?
Gillian’s money woes are believed to stem from unpaid mortgage debts she and husband Shane share totalling the equivalent of £3.5m Westlife’s Shane Filan’s wife has reportedly been declared bankrupt, six years after the singer’s own money troubles left him the equivalent of £20 million in debt.
If a husband files bankruptcy without his wife, then only the husband’s debts are discharged in bankruptcy and the wife’s debts are still unaffected. If the debts are held jointly, then the non-filing wife will still owe even after one spouse has filed bankruptcy.
Can a single spouse file bankruptcy for joint debts?
However, in states, that follow community property law, then a single spouse bankruptcy for joint debts may be advantageous, in some situations. How Will Filing Bankruptcy Affect My Spouse? If a husband files bankruptcy without his wife, then only the husband’s debts are discharged in bankruptcy and the wife’s debts are still unaffected.