I got married four months ago, my husband has many old debts (from when he was single) and he wants to file for a bankruptcy. Mostly, all the accounts ( house, credit card, car) are under my name only, I added him in one of my credit card as an additional user but this cretid card is under my name. If he files bankruptcy, is this will have a negative effect on me?

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How old are the debts? Some may cycle off his credit report if long enough.

Have you obtained credit reports for both of you? Getting a combination report for him might be especially helpful in understanding what his score is, what are the problems, and how long they've been "out there". Each of the three credit agencies can provide you with a report (I believe you can get one free report once a year) or you can pay a company for a combination report. Its worth getting one!

I can tell you I had some debt from when single in college that I let go. Worked with the companies to get it knocked down and now my credit is great. It wasn't easy, but it was worth it.

Another piece of advice. If you're newly married, get together on the same page where finances are concerned. Make a plan for savings, make a plan for paying bills... if you do this NOW it will pay off later. My wife and I wasted a few years early on without budgeting together and i'm sure that has cost us several thousand dollars.

If he won't work with you on a tight budget, then keep him off your credit as much as possible. Maintain your good standing at all cost. There's nothing as nice as getting loans at great interest rates without hassle, and there's nothing like getting denied because you were careless or not willing to do the work to maintain your credit.

If I were you, Id try to get your husband away from bankruptcy any way possible, it can stay on his credit for up to ten years! And if it affects you as well, you could be stuck with it on your records. Have him consider credit counseling or other debt solutions. How bad are his debts?


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