What Happens to My Credit If I Marry Someone Who Filed For Bankruptcy?

For better or for worse. For richer or for poorer. That’s what we say when we get married, right? But what happens when you find out your soul mate has recently filed bankruptcy--does that become part of your financial history, too? The Jones Law Firm is here to explain what happens to your credit if you marry someone who has filed for bankruptcy.

Does my future spouse’s bankruptcy filing impact my credit score?

In short, no, your future spouse’s bankruptcy filing will not impact your credit score. In fact, you'll both maintain credit histories and credit scores independent of one another. However, if you have an account held jointly and become delinquent on payments, it can impact your credit score. In addition, their credit score and bankruptcy history will not be added to yours--nor yours to theirs. In fact, your marital status is not part of the credit score. This is because spouses are not responsible for the debts of their partner incurred before marriage. While the legal rationale is there, you may still have concerns about your spouse’s bankruptcy filing. You can work through this though by talking to your partner about your joint financial prospects, what happened to lead to the bankruptcy filing, and how their money habits have changed.

Will my spouse’s bankruptcy filing impact our future credit opportunities?

While your spouse’s bankruptcy filing won’t impact your credit score, it could impact the joint financial pursuits of the future. For example, if you were to try buying a house, your partner’s credit score may make it difficult to apply for a home loan. In fact, even if you have a stellar credit score, your lender will generally focus on the median score for both of you, and use the lower of the two to determine loan terms. Depending on your partner’s credit score, it may mean paying a lot more in interest or not being approved for a mortgage at all. In addition, your spouse may not be able to qualify for a loan on their own; though you can cosign a loan for them, you're financially responsible for paying back the loan if they're unable to.

What’s Love Got To Do With Bankruptcy? The Jones Law Firm

Bankruptcy can get us out of difficult situations but can make entering a marriage tricky. However, there are ways you can navigate your spouse’s bankruptcy history without compromising your goals as a married couple. But we understand that it can be easier said than done. That’s why The Jones Law Firm is here to help. Contact us today if you have any concerns or questions about the bankruptcy process.