Marrying someone means that you will be sharing most aspects of their life. One thing you likely will not want to share, however, is any negative fallout from their bankruptcy.
If you are concerned that your betrothed’s situation will turn up on your credit report after you exchange vows, you can put that worry to rest. “One spouse’s bankruptcy won’t ruin the other’s credit,” according to Experian. “In fact, their credit history doesn’t appear on yours at all.”
There is some more reassuring news. A spouse is not accountable for debt that the other person amassed prior to their marriage. In addition, Connecticut is not a community property state. You may therefore not be responsible for debt your spouse runs up during your marriage.
Keep these sticking points in mind
Bankruptcy does not vanish quickly from a person’s credit report. If you file for Chapter 7, it remains on there for 10 years. With Chapter 13, it’s 7 years. If it’s something about the person you are engaged to that really nags at you, be aware of those facts.
If your spouse needs a loan for something and encounters problems, you could be a cosigner. However, you will be the one who is expected to pay it back if they cannot. You might not want that financial burden. In addition, if the two of you want to buy a home, for example, your partner’s bankruptcy could be an obstacle to obtaining a mortgage.
You are still on the fence
Maybe you are still nervous about tying the knot with someone who filed bankruptcy. Think about approaching them and discussing it to clarify exactly what led up to their bankruptcy.
Did their debts get unmanageable for a particular reason? Were they making too many major purchases that were far beyond their means? What do they plan to do differently to prevent anything like that from occurring again, especially after the two of you get hitched?
Bankruptcy is not always simple
You and your future spouse might need some guidance about how bankruptcy can impact your future. Someone who knows how it works can inform you both.