Couples engaged to be married have many questions about finances, especially when one person plans to file for bankruptcy or has done so. The bankruptcy lawyers at Knochel Law Offices in Bullhead City, AZ, provide advice and legal aid to relieve financial concerns and explain the effect of bankruptcy on a nonfiling partner entering a marriage.

A Lawyer Explains How Bankruptcy Affects a Future Spouse

You Still Own Your Debts

When you have debts and get married, those financial obligations remain yours alone. Whether you file for bankruptcy and receive a discharge before or after your marriage, it will not affect your spouse’s debt. A bankruptcy discharge will wipe out most or all your debt except student loans, child support, and back taxes. Your spouse-to-be has no responsibility to repay your debts unless they were a joint borrower or cosigner.

You’ll Have Higher Interest Rates for Joint Loans

If you file for bankruptcy, you might pay higher interest rates when you borrow money. This could prevent you and your partner from getting the best interest rates for a joint purchase like a house or car. However, a future spouse with a good credit history still can receive lower loan interest rates as an individual borrower.

Credit Scores Remain Separate

Your credit score is always separate from the rating for your spouse-to-be, so their score will not change due to your bankruptcy. If there seems to be a sudden change in their credit score, consult a bankruptcy lawyer.

Before you say, “I do,” talk with an experienced bankruptcy lawyer at Knochel Law Offices in Bullhead City, AZ, about your financial situation. They can help you get your money issues under control and start married life on better fiscal footing. Visit their website for more information about their services, including divorce and child support, and call (928) 444-1000 to schedule a consultation. Check their Google+ page for legal aid tips and news from the law firm.