QUESTION
What will happen if we get married after my fiance files chapter 13 bankruptcy?
Asked on Jul 29th, 2011 on Bankruptcy - Mississippi
More details to this question:
My fiance recently filed for Chapter 13 bankruptcy, and is on a repayment plan. When we marry, will my income and assets be factored into his payment plan? Will I have to list all my income and expenses? Will his bankruptcy affect my (excellent) credit? If we keep all of our financial accounts separate and file married-separate tax returns can I stay out of his mess?
7 ANSWERS
His bankruptcy should have NO effect on your credit, and the marriage should have no effect on his bankruptcy.
Answered on Aug 01st, 2011 at 7:40 AM
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William Rubendall Attorney at Law
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If a person files chapter 13 bankruptcy and later marries the new spouse is not part of the case. In other words, your my income and assets be not be factored into his payment plan. You will not have to list the new income and expenses. The bankruptcy will not affect your credit, unless you jointly apply for a loan and the bankruptcy will show up. It is advisable to keep all of your financial accounts separate, although you do not have to file married-separate tax returns to stay out of the situation.
Answered on Jul 31st, 2011 at 9:35 AM
Once the plan is confirmed, subsequent changes not anticipated in the plan are immaterial. Your credit has absolutely nothing to do with his separate credit/bankruptcy.
Answered on Jul 31st, 2011 at 8:07 AM
Glen Edward Ashman
First of all, see a lawyer to do a prenuptial agreement. If he filed before the marriage, your income and expenses and assets usually are not involved in his case.
Answered on Jul 31st, 2011 at 6:20 AM
judith runyon
Talk to a bankruptcy attorney
Answered on Jul 30th, 2011 at 10:13 AM
3 Awards
Your income technically will be factored into his case, but probably won't have an effect. Keep in mind that that will vary from district to district whether your income will, in practice, have an effect upon his case. Your income and assets cannot be drawn in, or utilized, in his case without your consent. He, not you, is technically required to list your contribution to his new household income. Again, whether it matters is district specific. His case will not affect your credit. At all. You can always stay out of it. He is the one in the case and he is the one who has to answer for the changes to his household income.
Answered on Jul 30th, 2011 at 10:12 AM
Samuel Lee Tucker
You will be OK as long as you keep your accounts - credit, retirement and banking - separate. No cosigning, no joint accounts or property.
Answered on Jul 30th, 2011 at 9:33 AM