How does it affect me?

[GemmyGems]

My fiance needs to file bankruptcy thanks to what his ex wife did to him. She ran up all sorts of bills, sometimes using his name. She also allowed their home to go into foreclosure(he had moved out and she was supposed to make payments). We want to get married this month, but I am worried. How will it affect me, if we get married and he files bankruptcy? I have my own car(paid for) and he has a truck(paid for). We don't have much as far as personal possesions. I lost alot in my divorce too. We are just starting over. Everything we have, is on loan from family. With a few exceptions....like a bed, dressers and our cars.
If he files after we get married, can they come after my belongings?? I don't have much and have worked hard for the little I do have....I don't want to lose it.
His dad passed away and his estate is in probate for at least 9mths-1 year. There is a possiblity that he will be getting a monthly retirement check. Can he still file and will it affect that check? I'm looking out for me...but also I'm worried about him. He has lost so much too and I hate to see him lose anymore. Thanks for your advice.

 

[JenniferH]

Your situation is very involved. I urge the both of you to consult an attorney in your area. This board most likely will not answer your questions. Most attys have a free hr consult. Your city/county may also have a legal aid clinic, if you can't afford an attorney. But, atleast schedule an appt for free consult to get your anwers questioned.

Good luck,

 

[Ksue]

Bankruptcy

Just to let you know up front that I am not an attorney. However, as a result of my divorce I had to file bankruptcy (Chapter 7) in 1990. I filed my own bankruptcy which saved me about $2,000 in legal fees.

Depending on what state you live in, your assets and possessions that you have PRIOR to your marriage are yours. Where it will get sticky is if the two of you acquire anything jointly. Chapter 7 bankruptcy (total discharge of debts) stays on your credit report for 10 years whereas Chapter 13 stays on for 7 years. Yes, you can obtain credit after bankruptcy but it is very very difficult. In order to buy a house, you will have to wait until two years after the bankruptcy is finalized. I can tell you that ALL finance companies will turn you down for credit if you apply for joint credit, they are very firm about bankruptcy, their "rules" govern that no one can be granted credit with a bankruptcy!! A mastercard or visa will be a little easier, but again you will pay higher rates, they are a little more "easier" on consumers after bankruptcy. Your best bet for spouse to be to re-establish credit down the road is with a credit union!

If your spouse to be files bankrupcy, my advice to you is not to get anything jointly except for a house.

Also, you have the right to instruct the creditors not to call your house after certain hours, etc., but make sure when you instruct the creditors to send them a letter via certified mail, that way you are guaranteed that they have received the letters. Phone calls and emails don't cut it.

Generally speaking, with regards to funds received from retirement accounts/social security, those are exempt from the clutches of creditors in bankruptcy court. Do check with your state on that as well!

Before you tie the knot, do seek legal counsel on this. You can also go to a library and check out books on bankruptcy.

Good luck to you, I wish you well!