want my fiance to file a chapter 7 soon

[ame8199]

Ok Here I am in the middle of a chapter 13, filed in August 09 for 3 years. I am getting married July 2010. My fiances credit sucks as well as mine. We even tried renting a house and they told us we would have to pay a 2 and a half times deposit to get in there...no stinkin way. His credit sucks because he has a repossession of a boat and something else, i dont remember, but i know his credit score is low. With getting married, I want both of us to have decent credit eventually. My credit will be decent after my 13 is done, but I know if we're married anyone will include his credit as well.

I want him to file a Chapter 7, but he doesnt work. He is on disability and gets disability checks and a check from his deceased father. He makes bout 900 a month. Will that affect a Chapter 7? We live together as well, and I believe they will include both our incomes correct? Nothing is in both of our names, and I think I want to keep it that way for a while. He has his accounts, and I have my account. Lease is in my name, utilities are in my name and so on.

Will they allow him to file a Chapter 7 without having a job, but getting disability checks?

I just want to be able to get a house, so I want to clean up both of our credit, so we dont have that hard of a time. Will banks give people loans who have filed bankruptcy but its been a while? 7's now last 10 years correct?
Thanks

[DebtHater]

You don't give any legitimate reasons for him to file BK other than he has bad credit. You do not once mention him being in debt. What is there to accomplish in him filing a chapter 7?

Filing BK will not improve his credit. It will only prolong the time it will take to improve his credit.

[ame8199]

He just got a boat repossessed, we may have better luck just making good with the bank

[lrprn]

He just got a boat repossessed, we may have better luck just making good with the bank

What do you mean "making good with the bank"? Making good about what? Please be more specific about what you hope to achieve if he files too. Also you need to consider what is *his* advantage if he files.

If you can give us more information, we can help you sort out whether it makes sense for him to file also or not.

[ame8199]

What I mean by make good with the bank is pay back for the boat, I just want both of our credit to be decent when we go to buy a house. I'm not sure if filing would do him any good.

[momofthree]

How much debt does he have? Does he ONLY owe the deficiency balance on the boat? Being on disability, no one can touch his income, and if he doesn't have any real property to attach a lien to, then he's untouchable, so filing bankruptcy would be pointless. And even if he filed bankruptcy, the boat repo will still be on his credit. Aside from foreclosure, bk is the worst thing you can do to your credit. Usually, the only time bk helps increase someone's score is when it gets rid of tons of debt, because being in that much debt drags a score down.

The boat repo will fall off of his credit before a bankruptcy would (7 yrs vs. 10 yrs). He's probably better off NOT filing unless he has a bunch of debt to eliminate.

[ame8199]

I didn't know the repo would fall hid credit? How long will that take? I believe the repo is all he has. He litterally had no credit, maybe we need to build up his credit. Nothing is in his name. Once were married they won't just put my name on the house will they?

[momofthree]

I didn't know the repo would fall hid credit? How long will that take? I believe the repo is all he has. He litterally had no credit, maybe we need to build up his credit. Nothing is in his name. Once were married they won't just put my name on the house will they?

Most states allow you to buy property individually as long as your income and credit alone will qualify you.

All debts that chargeoff will drop off the credit eventually. Just don't tell them at any point that you are willing to make a payment or the timeclock starts over again. In fact, I wouldn't have ANY contact with them if I could help it. They already have the boat, and since he has no income or assets, they are SOL and can't do a darn thing to him....

[DebtHater]

There should be no reason you can't buy a house in your name only if you can get a loan. Don't forget you have a BK which will stick out like a sore thumb to any potential creditors. Even if you can get a loan in (if you're lucky) five years, you will likely be paying a higher interest rate. If you're not happy about a 2 1/2 month deposit on an apartment (not uncommon) you really won't be happy with a loan @ 10% interest. At least you'll get the 2 1/2 month deposit back.

I would just take your time and build up your credit however you can. It will not happen overnight. It also will not happen by the time you get married.

Don't rush the house. You'll need to save for a down payment anyway. Being you just filed BK I doubt you have the savings currently for it. Let the savings build up, and at the same time build up your credit. In time you'll get your house.