Wife:good credit Me: Bankruptcy.....bank looks at me?

[Scream2Death]

sorry for the cryptic title

basically, i am planning to marry in 3 years and my fiance has good credit like 800, but i will be having bankruptcy.....

let's say we get married and plan to buy a house together....the bank will look at the partner with the worse credit correct? and since i have a bankruptcy, the bank might reject us both?

[Flamingo]

If you file and then marry and attempt to purchase the house jointly, you may have a problem, unless your wife is fully capable financially of purchasing it in her own name. Chapter 7 will remain on your credit for 10 years; 7 years for a Chapter 13.

[JollyGG]

Since you don't plan to buy this house for another three years you should be fine. Yes they do look at the person with the worse credit in determining if you are eligable for a loan. However, as long as you manage your finances wisely and don't have any negatives on your credit report from the time of your BK until you are applying for loans you should have not problem getting a decent loan. BK has the worst effect the first two years after filing. After that you qualify for standard rates on mortgages and many other loans.
The more that your BK ages the less and less it will effect your ability to get a loan.

[Flamingo]

Since you don't plan to buy this house for another three years you should be fine. Yes they do look at the person with the worse credit in determining if you are eligable for a loan. However, as long as you manage your finances wisely and don't have any negatives on your credit report from the time of your BK until you are applying for loans you should have not problem getting a decent loan. BK has the worst effect the first two years after filing. After that you qualify for standard rates on mortgages and many other loans.
The more that your BK ages the less and less it will effect your ability to get a loan.

I agree with you mostly but most of us who have filed BK still suffer somewhat even years after a BK no matter how good our credit is now. It is uncertain whether or not the OP will be able to even get a conventional loan at a decent rate at that time and they may have to go with an FHA based loan to receive a lower rate, and then have to deal with PMI. No one an say for certain and BK can haunt anyone for years after a filing, even with good credit. We are two years beyond discharge next month and I cannot wait until the 7 year point in 4/09 when the BK starts coming off and I know others can say the same.

What the OP needs to do is do what you state for him to do but will need to discuss with his spouse and also some brokers/bank reps what would be the best step for them if they should attempt to purchase jointly or if the wife should purchase herself at that time time, or let some more time pass and then try to purchase jointly.

Having a BK on your credit reports may not be the end of the world for some, but for most it does haunt you until it goes away. Unfortunately, that's just the punishment for filing.

[csrhjr31]

I agree with you mostly but most of us who have filed BK still suffer somewhat even years after a BK no matter how good our credit is now. .

Just curious to hear how it has haunted you?

I keep hearing that after 2 years, you are ok. I am worried because we have a 2 year lease/buy home and assumed after 2 years our chances are strong in getting a loan as long as we keep our credit in good shape. If you wouldn't mind sharing, I would like to hear how it haunts you, just to be prepared.

[Flamingo]

Just curious to hear how it has haunted you?

I keep hearing that after 2 years, you are ok. I am worried because we have a 2 year lease/buy home and assumed after 2 years our chances are strong in getting a loan as long as we keep our credit in good shape. If you wouldn't mind sharing, I would like to hear how it haunts you, just to be prepared.

First of all, it will be a part of everything you do financial or employment wise for 7 to 10 years after filing. Due to keeping my privacy on here as much as possible, I will not divulge complete details but it came up to haunt my husband employment-wise this year and also as to his trying to obtain a credit card related to his employment. We were advised it was all BK related. Both are credit scores are in the high 700's. We were discharged in August 2006; the BK will be off our credit reports in April 2009; however, it will remain on public records for the rest of our lives and for anyone who files. So if you are asked by any employer or investigator in the future way beyond it being off your credit reports whether or not you "ever" filed bankruptcy (which is the standard question if it appears on an employment application), you need to answer "yes."

[bk4sky]

let's say we get married and plan to buy a house together....the bank will look at the partner with the worse credit correct? and since i have a bankruptcy, the bank might reject us both?

i was very worried about this too, BF of 3 years perfect financial status, me filing BK....i was really stressing at first thinking all these terrible thoughts in my head like omg he might not want to ever marry me now blah blah blah, but ive calmed down alot cause he has been 100 % supportive of my choice, right now we are very lucky cause we live in his moms house and just pay the utilities, the mom doesnt live here anymore, so its just us, BF plans on buying the house outright off of her, and i think he will just do it on his name. my question is, if one person has really good credit than they should have no problem getting a house loan on their own right?

also im going to back to school for something in the medical field. with medical being in such a high demand i cant really see getting turned down for a job because of a BK. i do think its a bunch of BS that when you apply for a job they actually want to know if you filed BK. im a little scared of that, so im thinking about hanging around at the job im at 4 a while. i been there over a year now, and i think ill be ok.