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 Posted: Tue May 20, 2008 2:37 pm Subject: Bankruptcy question in WI |
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My finance is going is thinking about filing bankruptcy with his soon to be ex-wife. It is a long complicated story and she is being really nasty about everything (espically this bankruptcy because she said that she is going to do it with or without my finance). When we get married is this going to affect my credit at all? We are located in Wisconsin. Thanks
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jeoestreich
Joined: 23 Apr 2008
Posts: 62
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| Posted: Tue May 20, 2008 3:04 pm Subject: |
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It will only affect your credit if you apply for a joint loan, credit card or mortgage together. At that time, a creditor or lender would look at both credit reports, and make their final decision based on what they find. Obviously, having a bankruptcy on your fiancee's (husband's) report is going to affect that decision less than favorably.
The way to look at it is that the bankruptcy will be on HIS credit, and his ex-wife's - not yours. So your credit should remain untouched.
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SUEBEEHONEY70
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| Posted: Tue May 20, 2008 3:12 pm Subject: |
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Thanks for the anwser. Right now we have everything in my name (our cars and house) but we might have to wait until we get those things in both of our names.
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jeoestreich
Joined: 23 Apr 2008
Posts: 62
Debtcc Points: 585
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| Posted: Tue May 20, 2008 5:53 pm Subject: |
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As long as you carry the debts individually for a while, you shouldnt have a problem. Like Sue said, it will only matter when you both apply for joint credit. And eventually he will be able to rebuild his credit and it won't matter.
In your case it may be better for your own liability that he files... suppose he has lots of joint accounts with his wife ... if she goes bankrupt and he doesn't, then he will get stuck with 100% of the bill. Since Wisconsin is a community property state, by marriage you may become resposible for his debts (but they wouldn't report to the bureaus). {{I'm not sure on the laws, maybe those debts would be exempt because they were from a different wife}}. But if he doesn't file BK, then you should check up on the laws to find out just how his old debt will affect you.
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DebtCruncher
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