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Which Comes First? Bankruptcy or Marriage?

credit card debt
  • Jul 27 2016

If you are engaged and excited to start your life with your loved one, it is important to consider your financial situation and how it will impact your future spouse. Thus, it is essential that you and your fiancé have honest discussions with each other as well as consider conferring with a seasoned bankruptcy attorney. You might be surprised at how the timing of your bankruptcy filing and your wedding day can affect your finances.

If you are overwhelmed with debt and your future spouse is not, it might be wise to seek debt relief in bankruptcy and discharge the majority of your debt before you get married. It is important to understand that a typical Chapter 7 case takes four to six months (and a Chapter 13 is three to five years), so the sooner you plan the better.

You also want to make sure that the type of debt you have can be eliminated in your filing. A Chapter 7 or Chapter 13 case can typically eliminate your credit card bills, medical bills and other types of debt. If your credit score is already damaged due to late payments and loan defaults, filing a personal bankruptcy may not have a significantly negative impact on your credit score.

As soon as your personal bankruptcy is successfully completed and you obtain your discharge order, you can immediately begin working to rebuild your credit. With hard work and patience, you might be surprised at how quickly you start to see it improve. And, if your future spouse has good credit, you may want to rely on it until your score is higher.

If you want to take control of your finances before you enter into your marriage, we can help. If you are considering filing a bankruptcy and you need help determining which type of filing would be best for you, contact Fitzgerald Campbell to schedule an appointment. We do not offer just one debt relief option, we don’t push you in one direction. If bankruptcy right for you, we will tell you. If it’s not, we will tell you that. If bankruptcy is your get out of debt plan, it needs to be done right. It needs to be in the hands of experienced lawyers who have been there before. Contact us today!

Posted in: Bankruptcy