Cunningham, Chernicoff & Warshawsky, P.C.
Call to Schedule Your Initial Consultation
717-260-3527 or 866-534-4404

Managing the potential issues with marriage and bankruptcy

If engaged, you are no doubt looking forward to planning the wedding. However, you may hesitate to set the date because your intended has declared bankruptcy.

How will this affect you? Is the proposed marriage in jeopardy? Will bankruptcy be a dealbreaker?

Dispelling a myth

Remember, your credit score is yours alone. It is separate from your future spouse's credit score, and you can keep it that way. The idea that his bad credit history could affect yours probably arises because some couples fully share finances and their credit reports overlap.

Issues with sharing credit

You and your future spouse can keep separate bank accounts, retirement accounts, credit cards and car loans. This is a common practice for married couples today, especially if one party brings in more income than the other. However, you may want to apply for a mortgage together. Because a lender would consider both your incomes, you would probably qualify for a larger loan. If you apply for the mortgage on your own, though, you would likely get a better interest rate because your spouse’s bad credit history would not be a consideration.

In favor of delay

If your intended has filed Chapter 7, bankruptcy may not discharge all his debts. If he filed Chapter 13, he will handle discharging his debts through a payment plan. If you delay the wedding until the bankruptcy is final, you will know exactly where the debt matter stands and how that affects his financial contributions to the marriage.

Going ahead with plans

If you know your fiancé is Mr. Right, the wedding should still be on. If you take precautions to protect your personal credit and use common sense to manage your finances, the bankruptcy should have no detrimental effect on your marriage, your happiness or peace of mind. Give your husband time to prove he has learned to handle finances well. Once he has rebuilt his credit, you can consider combining it with yours as time goes by.

No Comments

Leave a comment
Comment Information

Contact The Law Office Of Cunningham, Chernicoff & Warshawsky, P.C.

Contact our office online, or call us at 717-260-3527 or toll free at 866-534-4404 to set up a meeting with our experienced Harrisburg bankruptcy lawyers. We offer free initial consultations in matters involving bankruptcy or personal injury.

contact us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cunningham, Chernicoff & Warshawsky, P.C.
2320 North 2nd Street
Harrisburg, PA 17110

Toll Free: 866-534-4404
Phone: 717-260-3527
Fax: 717-238-4809
Harrisburg Law Office Map

Mailing Address
P.O. Box 60457
Harrisburg, PA 17106

Toll Free: 866-534-4404
Phone: 717-260-3527