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Also, So my question, what would happen to me if he did file bankruptcy? I don't want any impact to my credit but we would need joint credit to buy a house in the near future (assuming he gets a job).

His credit report will be trashed and yours should remain relatively unscathed. Some of his creditors may try to claim you are jointly responsible for his debts, even when you clearly are not, so additional diligence on your part will probably be necessary to fight such claims.

Also if you live in a community property states, any communal assets will be subject to seizure to satisfy his debts in bankruptcy (or otherwise). Fortunately most community property states also have larger exemptions that help offset this problem slightly.

Buying a house with his name on the loan will probably not be possible in the immediate future. If you do include him, it will at least cost you a few points in interest. If you don't need his income to qualify for the home loan, this may not matter - you can purchase the house in your name alone.


Here's a response to a similar question (in Bold) from Joel Corely (regular on the CC board).

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