One of my readers asked how bankruptcy affects a married couple. If a couple files for bankruptcy while married, both of their credit scores will be affected in the same way. In a Chapter 13 Bankruptcy, they will be able to possibly keep their assets in a payment plan; but in a Chapter 7 Bankruptcy, they will have to let go of all their assets and start over.
If you are getting married and have filed for bankruptcy, it's best to hell your fiance beforehand. As long as your partner has good credit, he or she can be the borrower, and you can be the co-signer on loans that you take out. As long as your score is high, and both of your income levels are sufficient, it should not be too much of a problem; however, expect to get turned down from some lenders do the co-signer bankruptcy. Alternatively, you could just have the loan in his or her name (not yours), and the only reason to put you on as a co-signer would be to get the extra income needed to qualify for the loan.
i follow you every day..nice blog
ReplyDeleteFair enough, but you know, the rate of divorce in America IS 50%.... What happens when a couple (god-forbid) divorces among all this?
ReplyDeleteGood info thanks. Sra. Sanchez will be relieved.
ReplyDeletevery interesting, you surely wouldn't get married if you were taking on your partners debts, i wouldn't
ReplyDelete"Best to (tell) your (fiancée) beforehand." Other than that a good post.
ReplyDeleteI won't get married for a long time >_<
ReplyDeletelets hope my future spouse can manage our money well
ReplyDeletemarriage is bad, it only makes bankruptcy harder.
ReplyDeleteThanks for this! Keep it up!
ReplyDeleteYou can tell it was probably that snooty bitch on the right who caused the bankruptcy too.
ReplyDeleteGood post, very informative
ReplyDeleteIt's a shame that credit can make or break your lives.
ReplyDeletesomething to think about
ReplyDeleteAnd this just explained why I won't get married. Not that I don't like the whole idea, but it's financialy the best thing to do!
ReplyDeletei dont like that your credit scores can be combined when you get married =/
ReplyDeletethanks for that info!
ReplyDeleteEverybody seems to be writing about this sort of junk these days...
ReplyDeletecool info, thanks
ReplyDeleteThis is good to know.
ReplyDeleteHonestly I could never be with someone that has filed for bankruptcy. By doing so, that means they were in a position at one time in their life where they could not help themselves get out. I want a motivated girl in my life. Someone that is smart and willing to work hard. Not someone that just sits back and says "opps".
ReplyDeleteNice info!
ReplyDeleteGreat info my good sir.
ReplyDeleteVery informative post! Thanks!
ReplyDeleteJust make sure you both arent in the same boat.
ReplyDeleteNice info here as always
ReplyDeleteVery nice read! ill w8 for another update! :)
ReplyDeletemaybe if there were to be a divorce before declaring bankruptcy, the other spouse can support the other because of retained buying power
ReplyDeletetwo mistakes: spending 'til bankruptcy and marriage
ReplyDeletea man should never do none, but specially the marriage part
Good to know.
ReplyDeletei feel like borrowing money ruins a lot of relationships though
ReplyDeletegreat info. had a few friends have to do this waiting to get married.
ReplyDeleteGreat post! Thanks for sharing!
ReplyDeleteyeah i hope i never have to file bankruptcy!
ReplyDeleteIt's good that it doesn't ruin your partners credit too
ReplyDeleteMy friend went through the exact same issue.
ReplyDeletecool thanks for the tips ;)
ReplyDeleteYeah I wouldn't even use the Mach line of razors. They're garbage. Get yourself a good safety razor.
ReplyDeleteYeah, my wife's credit was pretty crappy when we got married, but she had told me ahead of time. I took the necessary actions to help raise hers while not dropping mine.
ReplyDeletewell it will stay more or less the same
ReplyDeletethat's interesting !
ReplyDeleteAwesome post...great info.
ReplyDeleteLoans and relationships shouldn't mix.
ReplyDeleteBankruptcy is bad enough, but divorce on top of it? Heh, it would be ;_;
ReplyDeletenice tips man.
ReplyDeleteGlad im not married :)
ReplyDeleteInteresting, credit can really screw you over if you and your partner have not well figured out your finances.
ReplyDeleteGood stuff man.
ReplyDelete