Bankruptcy question - Ask Rich / Money 101

missX · 08-01-2009, 02:26 AM

Back in feb I filed for bankruptcy. I paid as much and as long as I could but sunk under a mountain of medical bills and was left with no option but to file. My case is now discharged and my only current debt are a couple of bills leftover (around $250) and my student loans that total around $6000.

Now that DF is done with bootcamp and at his first assignment we want to get married. Will my bankruptcy cause him any trouble? Can we move forward with marriage...?

Rich Lunsford · 08-05-2009, 08:17 AM

Sorry to hear of your bankruptcy missX. Congratulations to you and DF for his upcoming end to bootcamp. Your military adventure is just beginning. First, do not let your bankruptcy derail your marriage plans. There are more important things than money. The bankruptcy will affect whether or not the two of you receive joint loans in the future however, DF’s credit report should remain unblemished – assuming all future obligations are paid on time. Eventually, your credit will recover. Be diligent in your budgeting together and make smart financial decisions. You have likely learned a valuable (although expensive) lesson during the bankruptcy so use your new found knowledge to avoid future financial pitfalls.

Rich Lunsford is a CERTIFIED FINANCIAL PLANNERTM practitioner with USAA Financial Planning Services, one of the USAA family of companies. Rich holds the Series 7 and 66 securities licenses. Rich also holds the designations of Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and CHARTERED RETIREMENT PLANNING COUNSELOR (CRPC®).

Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

carolinagirll · 08-05-2009, 08:29 AM

You filed alone correct? Then no it will not effect him. Applying for joint credit / loans he may get denied bc of your credit thats all.

missX · 08-06-2009, 12:37 AM

Originally Posted by Rich Lunsford

Sorry to hear of your bankruptcy missX. Congratulations to you and DF for his upcoming end to bootcamp. Your military adventure is just beginning. First, do not let your bankruptcy derail your marriage plans. There are more important things than money. The bankruptcy will affect whether or not the two of you receive joint loans in the future however, DF’s credit report should remain unblemished – assuming all future obligations are paid on time. Eventually, your credit will recover. Be diligent in your budgeting together and make smart financial decisions. You have likely learned a valuable (although expensive) lesson during the bankruptcy so use your new found knowledge to avoid future financial pitfalls.

Rich Lunsford is a CERTIFIED FINANCIAL PLANNERTM practitioner with USAA Financial Planning Services, one of the USAA family of companies. Rich holds the Series 7 and 66 securities licenses. Rich also holds the designations of Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and CHARTERED RETIREMENT PLANNING COUNSELOR (CRPC®).

Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Thank you, that makes me feel much better. I've worked hard to finish paying off the remainder of bills that I did not claim and catch up on student loans. I'm SO close to finally being out of the red!

missX · 08-06-2009, 12:40 AM

Originally Posted by carolinagirll

You filed alone correct? Then no it will not effect him. Applying for joint credit / loans he may get denied bc of your credit thats all.

Yes I filed alone. In fact we postponed our wedding so that I could have my bankruptcy discharged before we married. Hopefully now I can begin to rebuild and by the time he's ready to buy it won't be so bad.

carolinagirll · 08-07-2009, 08:33 AM

ALSO don't 4get to pull your credit report about 3-4 months after your discharged and make sure everything has been reported correctly.

BubMunkeyBles · 08-07-2009, 12:59 PM

As long as you in no more situations I think you'd be okay. I know for DH's job they do a credit check on him, but I don't recall them doing one on me. They do it as part of security clearances occasionally. I would go ahead with the marriage though, love can't beat out money.

NC@SEA · 08-07-2009, 10:25 PM

A good way to rebuild your credit is if your DH is okay with it have him put you on his credit cards or whatever as an authorized user. With that they will report that to your credit agencies.

Your goal right now is to take 1-2 years to rebuild yourself and it can be done!!!

08-01-2009, 02:26 AM	#1 (permalink)
missX Counting the days... Join Date: Jun 2009 Location: Me: WA; Him: The Pacific Posts: 103 Classifieds: (0) Activity: 2% Longevity: 7%	Bankruptcy question Back in feb I filed for bankruptcy. I paid as much and as long as I could but sunk under a mountain of medical bills and was left with no option but to file. My case is now discharged and my only current debt are a couple of bills leftover (around $250) and my student loans that total around $6000. Now that DF is done with bootcamp and at his first assignment we want to get married. Will my bankruptcy cause him any trouble? Can we move forward with marriage...? __________________ Athena

08-05-2009, 08:17 AM	#2 (permalink)
Rich Lunsford Junior Member Join Date: Aug 2008 Posts: 46 Classifieds: (0) Activity: 0% Longevity: 22%	Sorry to hear of your bankruptcy missX. Congratulations to you and DF for his upcoming end to bootcamp. Your military adventure is just beginning. First, do not let your bankruptcy derail your marriage plans. There are more important things than money. The bankruptcy will affect whether or not the two of you receive joint loans in the future however, DF’s credit report should remain unblemished – assuming all future obligations are paid on time. Eventually, your credit will recover. Be diligent in your budgeting together and make smart financial decisions. You have likely learned a valuable (although expensive) lesson during the bankruptcy so use your new found knowledge to avoid future financial pitfalls. Rich Lunsford is a CERTIFIED FINANCIAL PLANNERTM practitioner with USAA Financial Planning Services, one of the USAA family of companies. Rich holds the Series 7 and 66 securities licenses. Rich also holds the designations of Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and CHARTERED RETIREMENT PLANNING COUNSELOR (CRPC®). Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. __________________ Need some money advice? USAA’s Rich Lunsford is here to help. Whether its investment advice, mortgages, college finances or deployments, he’s your money coach for any question you may have so just “Ask Rich!” Click here to submit your question to CERTIFIED FINANCIAL PLANNER™ Rich Lunsford or participate in the discussion.

08-05-2009, 08:29 AM	#3 (permalink)
carolinagirll Senior Member Join Date: Sep 2008 Posts: 2,676 Classifieds: (0) Activity: 44% Longevity: 19%	You filed alone correct? Then no it will not effect him. Applying for joint credit / loans he may get denied bc of your credit thats all. __________________

08-07-2009, 08:33 AM	#6 (permalink)
carolinagirll Senior Member Join Date: Sep 2008 Posts: 2,676 Classifieds: (0) Activity: 44% Longevity: 19%	ALSO don't 4get to pull your credit report about 3-4 months after your discharged and make sure everything has been reported correctly. __________________

08-07-2009, 12:59 PM	#7 (permalink)
BubMunkeyBles MilitarySOS Jewel Join Date: Feb 2008 Location: Me- Tampa, FL, DH- Aviano AB Italy Posts: 6,558 Classifieds: (0) Activity: 85% Longevity: 29%	As long as you in no more situations I think you'd be okay. I know for DH's job they do a credit check on him, but I don't recall them doing one on me. They do it as part of security clearances occasionally. I would go ahead with the marriage though, love can't beat out money. __________________ Stephanie

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08-07-2009, 10:25 PM	#8 (permalink)
NC@SEA Senior Member Join Date: Aug 2008 Location: Pearl Harbor, Hawaii Posts: 1,584 Classifieds: (0) Activity: 24% Longevity: 20%	A good way to rebuild your credit is if your DH is okay with it have him put you on his credit cards or whatever as an authorized user. With that they will report that to your credit agencies. Your goal right now is to take 1-2 years to rebuild yourself and it can be done!!!