Sign in to follow this  
stacykat

Bad Credit and Marriage

Recommended Posts

Hey everyone and Happy New Year! It's been a while since I've been here because, thanks to the help of many people here, my credit is fixed and I have been living happily in my own home for about 2 months now!

I have a question for my brother and his girlfriend and that is what brings me back........

My brother has great credit and owns a home. He wants to get married but his girlfriend has a school loan and credit cards equalling about $10,000 that are all about 5 years since D.O.L.A. If he marries her can her creditors put liens on his home, garnish his wages or freeze his bank account? Does becoming her husband make him liable for her debts? We would greatly appreciate any help! Thanks!

Share this post


Link to post
Share on other sites

No they can't. He is not liable. In his best interest, do NOT put her on the house until AFTER the DOLA is past SOL. Once her name is on the house, they can go after "her" through it.

Share this post


Link to post
Share on other sites

In that kind of situation, the best bet is to keep everything as separate as possible.

My credit is now in much better shape than my DW. Originally, everything was put in my name like all the creditors and the mortgage. The deed is in my name although Texas is a community property state so there is not any kind of issue of ownership.

Now here is the big advantage in the future that other people have told me that has worked for them. I plan on using it as well.

Now that I am the ONLY one saddled down with debt, my DW will find it tremendously easier to get credit without being loaded down with a mortgage and other heavy debt burdens.

Lots of people have told me that it is better to have one person with the mortgage and the other spouse will find it easier to get better credit terms.

Share this post


Link to post
Share on other sites

Just a reminder on the student loans. If I understand them correctly, there's no SOL. So, she'll probably have to get those taken care of before they decide to put her name on the house too.

Thanks for sharing your success story too!

Share this post


Link to post
Share on other sites

Yes, matt is correct, there is no SOL on student loans. If you buy a home together, they may be able to put a lien on the home. Ravenous is correct to keep things as separate as possible until she pays off this debt.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this