Perhaps you just got engaged and would like nothing better than to begin making plans for the wedding.
However, putting the big day off for a while may be a reasonable idea since your fiancé has recently filed for bankruptcy. What effect will this have on your wedding plans?
Credit score blues
Your fiancé lost his job and was out of work for several months before finding a new position. Meanwhile, he decided that bankruptcy was the best option for getting back on his feet. You have concerns that once you marry, his poor credit history will affect your excellent credit score, but you should not worry. Your credit score is, and will continue to be, completely separate from his.
Keeping current on bankruptcy news
Your fiancé should keep you apprised of the progress of his bankruptcy. You should know where he is in completing the process and become familiar with the debts he owes, plus the how and when concerning their resolution.
Joint versus separate finances
It would be a good idea to keep your finances separate from his, at least at the beginning of your married life. You can easily keep a separate bank account, credit card accounts, retirement accounts and even the loan for your car. However, you and your husband may want to apply for a mortgage together since both your incomes would count and you could qualify for a larger loan. On the other hand, if you apply in your name alone, you would likely get a better interest rate because his poor credit would not figure in.
Other concerns
If he has a tax lien from the bankruptcy and, once married, the two of you file a joint return, the IRS will take its money, which may cancel out any refund you were expecting. In a community property state like Texas, commingled assets are partly his and partly yours, which means that his creditors could come after your property.
Making plans
As long as the bankruptcy proceeds as it should, it need not cause a change in wedding plans. The bankruptcy attorney assisting your fiancé can answer any questions you have about the process and how it may affect the course you set for your married life.