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Marriage is a big decision, something which should be taken after much deliberation. Since money is often the bone of contention in most marriages which might result in divorce, having money matters sorted prior to getting married is an excellent decision. Unforeseen circumstances can send anyone in financial distress. People who decide to get married to someone who is fresh out of bankruptcy, are often worried about the effect of this decision on their finances.
According to Los Angeles based bankruptcy law firm Recovery Law Group, marriage is not going to join the individuals’ credit automatically. If both have their individual accounts without any joint account, they won’t have any shared credit history. Keeping credit histories separate for long after the marriage is, however, a difficult task to accomplish. For any big purchase like a house, you are required to apply jointly so that both names are on the mortgage. In this case, the income as well as credit history of both parties, are considered for evaluating the risk associated on the loan.
If one of the partners has a bankruptcy on their credit report, getting new credit, such as that for a mortgage might be slightly difficult. Bankruptcy remains on credit report for a duration of 10 years in case of Chapter 7 bankruptcy and 7 years in case of Chapter 13 bankruptcy Los Angeles. Unforeseen circumstances leading to bankruptcy are manageable but overspending and money management issues will likely wreak havoc in your marriage.
Sharing credit reports and being aware of the financial situation of both you and your partner provides you with an opportunity to manage the finances. Discussing things before marriage is advised as you can avoid several problems later. Professional assistance can be taken from bankruptcy lawyers by calling 888-297-6023.