Advice on Marrying Someone with a Bankruptcy


If you're contemplating marrying someone who has filed a bankruptcy and you have impeccable credit then you should speak to a bankruptcy attorney.

Bankruptcy and Credit Scores

The first thing your bankruptcy attorney will assure you of is that your credit score is your credit score and yours alone. Your credit scores do not merge as soon as you tie the knot. If you continue to keep your finances separate from your potential spouses then your credit will not be affected by their previous financial decisions. Even if you do decide to start taking out some joint debt and credit, as long as you continue with your fastidious and responsible payment tactics then your credit won't be negatively affected.

Good News for Bankruptcy Filers

There is good news for bankrupt people when they marry someone with good credit; their credit score will rise if they open accounts with you and follow your financial lead. By establishing good credit with creditors their credit score will slowly build over time and having someone who has good credit as a joint credit holder can help them get loans they wouldn't qualify for otherwise.

The Bad News

The problem is when your beloved still has debts that weren't discharged in the bankruptcy. Once you pool your finances then the creditors to these debts can come after your joint bank accounts as repayment, assuming these debts are in default and the creditor has obtained a judgment.

Also, when it comes time to make some big ticket purchases, if you are trying to get these items on a joint loan or account you may not be able to get approved for as much as if you had married someone with a higher credit score.

If you have some specific concerns then speaking to a Chicago bankruptcy attorney should be on your to do list before you even begin booking a reception hall.