One of the most common question people ask bankruptcy lawyers is what happens if you marry someone who has filed for bankruptcy. Many prospective clients have asked Los Angeles based bankruptcy law firm Recovery Law Group lawyers, whether their spouse’s bankruptcy can affect their credit score or their ability to borrow money. Generally, a bankruptcy filed by your fiancé in the past is not going to affect your credit score (either current or future). Your credit history is not affected by your marriage, in fact, marriage often leads to an increase in the joint credit of the couple.
However, if your spouse had previously filed for bankruptcy, it can affect your borrowing capacity. For married couples, the combined credit score is a measure of how much they can borrow. Thus, if your spouse has a low credit score, the combined credit score will be lowered. If you wish to borrow a large sum of money, you can opt to have a co-signer who has higher credit score. Sometimes, banks offer programs where you can opt for mortgage with a co-signer and if you make proper payments for a year, you can refinance the mortgage without the co-signer’s name.
Alternately, you could make efforts to increase the credit score. This can be done by taking a secured credit card. Regular and timely payments made on this card will help in improving the credit score of your spouse, provided the card company reports your payment history to credit bureaus. If you want to know more about your mortgage and credit score ratings, you can call 888-297-6023 to consult experienced bankruptcy lawyers.