I just recently had my BK discharged and my wife was not included in it. She has no debt and we are working on her credit. We have to file taxes soon and wanted to know the best way to do so. She makes about 60k and we want to purchase a house using her credit nex year. Can we file married filing jointly or will my BK make the loan procedure more difficult than filing married filing seperately? Will my BK affect it even if we file seperately? I'm hoping we can file jointly just to get the tax breaks but if it is going to get in the way of buying a house we will just bite the bullet and pay the higher tax bracket. Thanks a lot!
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Taxes and getting a loan have nothing to do with each other. And your wife can most likely get a loan if she has sufficient income and assets and credit to get a loan on her own.
Logan -
I too am confused what you are asking. I don't think it would affect your taxes for declaring BK?!? I would suggest talking to a tax preparer for their input, it may be worth paying to have your taxes done. Secondly, if your wife applies for a mortage on her own, and her credit is good - she should be able to be approved.Comment
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Your BK would have no bearing on your wifes abilty to purchase. If by filing your taxes you are suggesting your wife has sufficient income to qualify, then you should be okay. You will need to be aware of a few things. Your wife will, if in a community property state, be required to qualify with her income and and any revolving or installment debts that YOU have. This extends to FHA, VA, and RD loans. If your wife will qulify for an agency product, the debts of the spouse need not be considered. You can file jointly on your taxes. Your income will not be used. But as mentioned already, your wife may be required to qualify with all debts appearing on hers and your credit report, and without the aide of your income if in a community property state.Comment
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Thank you all for your great replies. You have definitely answered my questions!Comment
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