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...which are:

1) My fiance is considering bankruptcy. Is it wise for me to put off our marriage until after he files? I don't want to be a jerk but I'm afraid of tarnishing my own credit history, which was just beginning to improve.

2) My fiance's father is a co-signer on his car loan. If my fiance files for bankruptcy status, will it damage his father's credit or make him responsible for the amount of the loan?

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The answer to your 2nd question is yes. Dad is on the hook if your SO doesn't pay. If Dad doesn't pay then his credit takes a hit.
As to question #1. Talk to a lawyer. If you are in a "community credit state", there may be some prolems with just your SO filing.
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Hey Xcentric16,

Answer to question 1 - Kinda tricky. If you do NOT have anything jointly owned it doesn't matter if he files when your married or not. But keep in mind when he does file, plan on carrying the credit burden for the two of you for TEN years. (an attorney will tell you 7 years but trust me decent credit rates do NOT come your way until after you bankruptcy falls of your credit report which is ten years.)

Answer to question 2 - ABSOLUTLY your SO father is responsible. So you may want to forwarn your SO to discuss this with his father so that he is not hit blind-sided by a phone call from the bank. The bank will surely forget about your SO and ACTIVELY pursue your SO's father. They want their money and they don't care who's pocket it comes from.

My suggestion to the both of you is to visit the credit cards message board and look thru the past posts and see if bankruptcy is your best option. If I had to do it again I wish I would have know ALOT more before I filed. My ten years is up but it's still an burden to carry.

Good luck and have a great day

*me
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Sorry, that board is:

Managing Your Finances / Consumer Credit/Credit Cards.

you probably already knew that but just in case.

have a great day,

*me
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CaptBuf wrote:Answer to question 1 - Kinda tricky. If you do NOT have anything jointly owned it doesn't matter if he files when your married
or not.


Make sure you do not live in a community property state before taking this as gospel. :) Check with a lawyer. In WI, where I live, both dh and I had to declare, even though we had nothing in both of our names. since we are a cp state, if only he declared, I would be responsible for his debts and vice versa, regardless of the fact that they were incurred before we married.

Always check. Good luck!

Kris
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Thanks for everyone's input, I appreciate it!

X
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My fiance's father is a co-signer on his car loan. If my fiance files for bankruptcy status, will it damage his father's credit or make him responsible for the amount of the loan?


Not only will it harm the dad's credit, it will appear that the father has a BK too.

This exect thing happened to a friend of mine. She co-signed her mom's mortage. Mom never missed a mortgage payment. Declared BK. Still never missed a payment and eventually sold the house and paid off the mortgage.

Yet, my friend can not refinance her own her house because her mother's BK is on my friend's credit report via the mortgage co-sign. Even though no payments were missed, and the loan was satisfied.

Your boyfriend should discuss this with his lawyer and get his father off the loan now.
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Good point Cable. Have you left for "Oz" yet?
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Good point Cable. Have you left for "Oz" yet?

I leave in October, pending visa approval.
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