Studly
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Man do I disagree with most of this advice!
For starters, any debts that occured before you got married are not suddenly "shared" with you. They are his debts. The way it's going to effect you is if they (for example) try to repo the home or car. If you are living there, you lose the home. But what else did you expect? It's his home, bought under his credit.
Now, if you come into this marriage with your home/car they can NOT touch it. His name is not on the contracts, and in most states they can not place a lien on it unless his name is jointly on it.
Your credit does remain uneffected. Any property you own (unless in a community property state) is still yours and can't be touched by his creditors.
When I got married, my wife came with a lot of "debt baggage", and creditors were hounding her something terrible. But I know the law! I put an end to that harrassment, and they couldn't touch ANY of my property or hurt my credit at all.
I spent the next 2 years rebuilding her credit by co-signing on credit cards and a car loan. Now her credit is better then mine!
I will suggest that he get the bankruptcy before you get married so you can get a fresh start as soon as possible. |
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kalee_dawg
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Yes, when you are married, most everything will be joint accounts. So when you go apply for new car loan, buying a house, opening up any accounts that requires both spouses to show their income/credit history. You will be affected by it.
When you are applying for anything, apply for it yourself alone if you can afford to and your credit is good enough. Showing your hubby's credit will just get turned down.
Best luck ;) |
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barlow_girl87
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My mom and dad have different credit ratings and my mom changed her name to my dad's. Even if that weren't the case, it doesn't matter. I mean, if you're married, you're married. The government isn't going to go, "Oh, let's see...it says they're married, but she has a different last name. Doy, I guess they get two credit ratings."
And, yes, credit rating aside, his debts will affect you when you get married because both of you will (I assume) be paying them off and your way of living will possibly be affected because much of your money, or at least your husbands, will be going to pay off debts. |
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Lisa
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If you are not on those credit cards or loans that are affecting his credit then you will not be affected. |
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Veritatum17
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Even married, you remain two separate individuals with two separate credit histories. Your names don't matter, but your social security numbers do.
However, your husband's creditors may attempt to seize your assets and make claims on your income, depending upon the laws in your state and the cajones of their lawyers. It's a brazen move to attempt to force a spouse or a relative to fork over money, but it's a move that's been made, at times successfully. The best way to protect yourself is to keep your assets separated (no joint accounts) and try not to own anything (ie, automobile, house) in common until his bankruptcy is released. |
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Me, myself and I
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Well if you marry him you definitely want to keep his and your finances seperate, such as bank accounts, credit, etc. I don't think his bad credit should affect yours, I've known couples that were able to live manage their finances by keeping them seperate. |
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jessigirl00781
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Changing your name to his won't affect your credit one bit. Everyone has their own credit. The only way it would affect you is if you guys go for a Joint loan and both your SSN#s are being used.
You will always have YOUR Credit! |
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i_luv_bng_boriqua
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Not unless you have your SSN on his debts. |
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OhGreatWiseOneinHipWaders
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yes. it does. |
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ninjadanielsan03
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Not sure if it will "effect" you, but it will affect you for sure! |
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ezkiss
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It won't effect your credit personally, but will affect YOU personally! Filing bankruptcy does not solve anything. It's simply a quick fix to a bigger problem. Do you really want to hitch your star to a guy who has no idea how to handle his finances? That's a huge part of marriage. Let him dig himself out of this hole before you get married. After all, he's the one who dug the hole in the first place! |
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PuterPrsn
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That will depend on what state you're in. You'll need to check that state's laws. In some, his debt will become yours when you marry, in some, if the debt is incurred before marriage it isn't yours. If he declares bankruptcy AFTER you're married, the chances are very, very good it will affect you as well. If he's going to do that, have him do it before you marry. |
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Wise ol' owl
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The Answer is yes. Definitely. You both need to be in pre-marital counseling. THe number one reason for divorce in America is financial fights. You have to have a plan to work through this time, get out of debt and into financial peace. I highly recommend the web sites listed in my source. I am a pastor and have been counseling couples for over twenty years. |
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rosanamod
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Yes it will. |
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Rebecca
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No....it will. When you are married, both parties are responsible for both debts. |
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sparkydog_1372
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yes, it will. when my husband divorced his first wife, she was given the 250 dollar jc penny bill, he was given 50 thousand dollars of other debt. he also had a 10 thousand dollar tax bill. now while the original lenders of the 50 dont actually come after me for money, if they take his tax returns mine gets taken as well and it also goes to pay off his tax bill. also, there is no way i can buy a car or a house without his income claimed on the forms, but i can't put him on the forms due to his high debt. it will affect you greatly. and i kept my last name when we married as well. |
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Just a friend.
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It won't effect your personal credit, however you will be assuming his debts. Creditors can go after the "family" income and assets. Whatever money you have instantly turns to "family" assets the second you say "I do". Also at that point you begin to build "joint credit", that you need to worry about. Keep in mind that you have decided to marry someone that has trouble with money, that will not change just because you get married. This will cause problems later between the two of you, so don't say you were not warned. |
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presh4u
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What happens is that his debt bemomes y'all debt. My friend married a guy with alot of debt and they cant afford to do anything b/c you both want to get rid of that thing thats eating your play money. Shes got the good credit that she can sign for things, but if he signs for something his credit makes the interest rates more for the item as if she signed for it. She doesnt want to sign for things b/c its bad credit on her if they cant pay for it.
Things like divorce is counted against your good credit.
I reccommend that you dont get married to him until he get rid of at least 75% of his debt, b/c 25% is small enough to handle. My friend wishes she did. |
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teena9
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Yes, his debt always has the ability to drag you down. Remember, if you buy a house together and his assets get seized, they can take the house, even though it is half yours. Don't get joint credit card accounts or anything with both your names on it. I know it sounds cold, but you have to protect yourself. Especially if you get divorced, you don't want him or anyone else trying to get half your money. |
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wanninonni
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Read some books on Suze Orman. She has some pretty good information. |
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elijahjaye
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Yes, once you get married his credit and yours will be combined. So, if he has bad credit you will too......and if he files for bankruptcy you will be too. |
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Aries
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yes good luck |
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rainbeauclown
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Be sure to keep ALL financial matters TOTALLY separate! If you even are on one of his credit cards or bank accounts, you may be considered responsible for his debts. When you file taxes, file married filing separately. From the sounds of it, he should consider a conservator. Whomever is the best at managing money should have custody of all except the pocket money and all the debit and credit cards. If your darling is unwilling or unable to live within a reasonable budget, you may want to reconsider marrying him. I learned this lesson, painfully, by marrying two deadbeats early in life. Now I am married to a man with a great income and bad credit. But his credit is improving because I am managing his money. =) |
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Army Wife
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Im not sure, but I dont think so. Like if you want to get a car or something you can just finance it under your name only. Then there is not reason for his credit to be brought up. But that a tough question. |
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SidTheKid
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As long as you keep your credit,bank & checking accounts,etc. in your name you have no worries-just don't let him run your credit up!!! |
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Markinnh
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I just want to say to all you negative nannys bad things happen to good people. I have perfect credit until my ex left and the money she was paying into the bills stopped so I am now way behind on 3 credit cards. It was either that or I let my house be foreclosed. i am great with money but I made the mistake of relying on someone else. Not all people with bad credit are bad with money. Stuff happens! |
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