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Should I Worry About My Fiance’s Bankruptcy?
Marriage is much more than the spiritual union between two people. Marriage also joins two otherwise completely separate lives — socially, legally, and financially. A problem in one spouse’s life will affect both, and that includes any financial problems, too.
You may be engaged to marry someone who just filed for bankruptcy, or someone who is considering filing bankruptcy. It is natural to wonder how your fiance’s bankruptcy will affect you. After all, “tying the knot” means embracing a common financial future.
When an individual files for bankruptcy protection, he temporarily loses control over his finances. In many cases, the reason for filing a bankruptcy is an unexpected hardship, like unemployment. Filing for bankruptcy may actually improve a person’s credit, but potential lenders obviously do not view bankruptcy positively.
With careful and continuous efforts, your fiance will get his personal credit back on track. Seeking professional assistance and employing credit repair tactics will greatly accelerate the recovery process. But you should also consider your mutual future and the impact your fiance’s bankruptcy will have on it.
Impact of your Fiance’s Bankruptcy on You
The fact of the matter is that there will be zero direct impact on your credit score if your fiancé goes bankrupt. Zero. Just like everyone has their own social security number, everyone has their own credit score. Only the debts and assets that you own personally affect your credit rating. Your fiance’s bankruptcy will have no impact on your credit score.
Your mutual financial life could be affected, however, after you get married. For example, you may find it more difficult to obtain a mortgage if you apply jointly. You might also find your joint credit limits are affected with car loans, student loans, and personal lines of credit. This is because, for joint accounts, your spouse’s bankruptcy will be visible in his credit history.
That’s not the end of the story. There’s no need to break things off and part ways. You can actually help your fiancé turn things around.
Tips to Help Your Fiance Improve His Credit After Bankruptcy
If you have good credit then you can help your fiancé get his financial life streamlined. You can help improve your fiance’s credit by opening up a mutual credit account. You will both need to actively use this account for several months. The monthly credit usage will help your fiance develop a good credit history after bankruptcy.
With an improved credit history, which usually takes 6-12 months, your fiance can approach the same lender and apply for a credit card, solely to in your fiance’s name.
Unsecured credit lines (like credit cards) are the quickest and easiest way to improve credit. But you can also improve your fiance’s credit with joint auto loans, mortgages, and other secured lines of credit.
With your help and over time, your fiance’s bankruptcy will less and less affect his credit score. It is always advisable to seek the advice of a financial professional help before making any major financial decisions.
Lee Legal Bankruptcy Services
Lee Legal is an established, trustworthy name when it comes to bankruptcy and litigation. We will provide you with the most appropriate solutions to your issues. Consult with an attorney before making any big financial decisions that could affect not only you, but your future spouse.
Call us at (202) 448-5136 or visit our website lee-legal.com to schedule a free financial analysis.
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