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Question
Hello there and Thank you!
I went bankrupt in May 2005. Now engaged and wondering if my bad credit will affect my soon to be husband? We want to buy a home and do not know if we should wait to get married until after we get into a home? My credit score is 681 and his history is thin, but decent.
How your marriage will affect your credit or your ability to buy a house depends on factors that you don't necessarily indicate in your question. Are you going to incur the debt together, are you in a community property state, etc. I think if I were in your place I would look into both options (i.e,, getting the hosue either before or after marriage). Go to a realtor now and see what they say, but I wouldn't necessarily take any one realtors word for it. don't let the tail wag the dog here - if you want to get married now, don't let the possiblity of buying a hosue get in your way from a credit standpoint - I suspect that you are going to be able to work it out either way you decide.
I did not mention that if you are on the note for the mortgage, it will probably be a year or so after the discharge in bankruptcy before you will be able to get financing. It is not impossible to get credit after a banrkutpcy for a mortgage, but you have to wait a year or so in most cases.
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Answers by Expert:
John Hall
Expertise
Law school graduate, Juris Doctorate (J.D.) Degree; Over 25 years of experience throughout the United States in bankruptcy law matters (Chapters 7, 11, and 13 of the United States Bankruptcy Code) primarily representing individual debtors with consumer debt or small businesses; Experience has included all aspects of debtor/creditor relations.
Experience
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