Will Your Credit Rating Be Affected If You Marry Someone Who Had Filed For Bankruptcy?

  • Bankruptcy

Will Your Credit Rating Be Affected If You Marry Someone Who Had Filed For Bankruptcy?

Call: 888-297-6203

When marrying someone, people are often worried about the ill effects of their prospective spouse’s previously filed bankruptcy. Lawyers of Dallas based bankruptcy law firm Recovery Law Group say several clients are concerned whether their spouse’s bankruptcy can tank their credit rating too. Bankruptcy can be bought on by sudden illness, loss of a job or underwater mortgage and not just overspending.

Another important aspect to consider about bankruptcy is the time when the bankruptcy was filed. Generally, a bankruptcy stays on the credit history for a maximum duration of 10 years, but its effect is generally for 7 years. If the bankruptcy was filed many years ago, it is probably going to have no effect on your credit rating; however, if the bankruptcy was filed recently, it might affect your mortgage and other loans you might take as a couple.

Unfortunately, your spouse’s previous bankruptcy might affect you if you need to file for bankruptcy. As per 11 U.S.C. 727, a debtor cannot get a Chapter 7 bankruptcy discharge if they have had a discharge 8 years before. In the case of Chapter 13, this duration is 6 years before filing a new petition unless they had paid 100% claims previously or a minimum of 70% claims offered good faith and made best efforts towards it.

Irrespective of your spouse’s bankruptcy history, your credit report won’t be affected. However, if there is a chance that you yourself might have to file for bankruptcy (and it happens to be within 8 years of your spouse’s bankruptcy filing) you might need to consult with experienced bankruptcy lawyers. Call 888-297-6023 to discuss all possible options available to you. If your spouse had previously filed for bankruptcy but never got a discharge, then it won’t have any effect on your bankruptcy filing.


2019-11-29T10:03:13+00:00