married bankruptcy
How will his bankruptcy affect my great credit when we get married, especially for home-buying?
My fiance declared bankruptcy with his ex-wife about 4 years ago. I have great credit. What will happen when we get married? Also, we would like to eventually buy a house. Should I try to do it alone with my great credit before getting married, or after marriage with twice the income but his history? Any insight would be great.
Blah blah blah! I am so tired of hearing that same old tired lie about bankruptcy ruining credit. Did you know that Bankruptcy is one of the few laws we have in our society that is actually based on foregivness, and not revenge?
As a paralegal for a bankruptcy firm, and a law student, I can tell you (as well as from personal experience) you have nothing to worry about. Your fiance’s credit should not affect yours in anyway, and I applaude him for taking the steps in filing bankruptcy. I am sure that at the time he filed, he did not want to file, nor did he plan on it! Bankruptcy is not a crime, it is a right-so, God bless America! At least you know that he will not be bringing into your new marriage a ton of bad debt!
And yes, while the bankruptcy will show on his credit for ten years, it generally takes a year from the time of discharge for the debtor to re-establish his credit. Let me tell you the look of surprise in my new husband’s eyes when I recieved my platinum visa a year and a half after my discharge! I have mortgage lenders that our office uses and recommends to clients for buying real estate. Everyone of theses lenders have told me that they can get someone into a house a year after the bankruptcy discharge.
While his credit will show bankruptcy for ten years and for some lenders that may be enough to lower your husbands score with their lending companies for buying a house, the best thing to do is check and see if you can get the rate you want with your husband on the loan or without. By having your husband on the loan, you are showing his income, which insures that you may be able to get more moneyto buy a house with a higher interest rate, or on the other hand, you may decide that with your income alone you can get the house you want, and the interest rate will be better. I would think though that after four years, your fiance should be able to do pretty much anything-
So good luck, and I say enjoy your new life together~!
BK Paralegal
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