Posted by: admin in chapter 13 bankruptsy rules on
casanmarie asked:
MY soon to be husband filed for bankruptsy two years ago. He has been making payments equal to about 800 a month since. If we get married, can they raise his payments because, together, we have a higher income? Or even worse.. can they take out of my checks? Does his debt bnecome mine even thought he acquired the debt before we got married?
Tags: Money, getting married before i file for a bankruptcy, Checks, should i get married if my fiance is planning on filing for bankruptcy, Chapter 13, casanmarie
No they will not increase his payments and no they can not take out of your checks if you become married. The bankruptcy is his and his alone. You have nothing to do with it. If your name is not on the debt, the debt remains his and only his. Congrats on getting married soon.
What happened before one gets married, good or bad, does not fall on the partner. So, no, his prior bankruptcy should have no bearing on you at all. BUT, it WILL bring down your joint credit rating.
To avoid that you need to maintain separate financial status. You have your account, he has his and you have only one together for common expenses (mortgage/rent, bills, etc). Keep your maiden name for business purposes.
No. his debt remains his.
While filing for bankruptcy under Chapter 13, you have to draw up a plan of action meant to pay your dues within the next 3 to 5 years and submit to the bankruptcy court. You should clear your dues as much as possible at frequent intervals. Filing under Chapter 13 will protect you against the undue pressure exerted on you by your lenders to pay your debts.
The only drawback is that your bankruptcy will affect your credit score. It is retained for the next 10 years. So you might find it difficult to get any credit during that time.