Legal Question in Bankruptcy in Indiana

effects of bankruptcy on a future spouse

My boyfriend and I would like to get married in the next couple of years. The only problem is that his former girlfriend and family members ran him into several thousand dollars of debt. He feels that declaring bankrupcy is the only way to "take care of" the situation. He is not in school and there is not sight of a well paying job in his future. By the time I get out of graduate school I will have my own loans and debts from school to deal with. My concern with his declaring bankruptcy is the following. What EXACTLY does it mean, how does it work? How will it effect us after we are married, will my name be "branded" simply because I marry someone who declared bankruptcy before we got married. Will my credit be punished due to association with him because of a decision he makes before the union of our association?


Asked on 12/19/97, 4:48 am

1 Answer from Attorneys
Marvin Coffey Marvin E. Coffey Attorney at Law

effect of bankruptcy on spouse

What I am about to tell you should be taken with a grain of salt. Many people who file bankruptcy are able to establish credit within a few years. I have known those who have purchased new cars, used cars and homes a few years after filing. It is possible to get credit cards. It can happen where you pay everything you have absolutely on time; Rent, car payments, utilities, everything and be able to prove it. Now the part about the salt. It all depends on who you are asking to loan you money or advance credit. They all have their own rules and their own interest rates. It also depends on how tight money is. If there is a surplus of money then the rules relax. But if money is hard to get by the lenders then they tighten up the rules. Good luck.

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Answered on 12/19/97, 4:35 pm


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