How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

I live in Texas with my hsband and two samll children. My ...

This answer was rated:

I live in Texas with my hsband and two small children. My husband has gotten himself into alot of debt and he is thinking about filing for chapter 7. I have pretty good credit and we wanted to get a home in the next few yes. He is only claiming the loans and credit cards in his name,but i dont work and i use is income when i need to get a loan etc. w/my credit. i was wondering if i will still be able to get a home later using my credit and his income if i apply by myself. or if him filing will...well... excuse me " screw" my credit as well

Hello,

Thank you for your question. I am happy to assist you.

Your husband's filing should not impact your credit since he is not including any joint debts. In fact, it may actually assist you in your goal of purchasing a new home.

Here is why.

Right now your husband has a lot of unsecured debt that he is required to pay. After the Ch 7 is completed, he may no longer be obligated to pay that debt. This means that he may have more available income to pay a mortgage. Additionally, he will not be able to file for bankruptcy again for 8 years.

The low debt and inability to file for bankruptcy may be looked upon more favorably by a lender then the current situation of high debt and ability to file a bankruptcy.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,

THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Customer: replied 9 years ago.
thank you for your answer! I was told that since we are married that it maybe looked up when we/I applying for a home(not sure). It will be okay for me to put him income down and my credit and not have him co-sign ...since i am a home maker ?

Hello,

If you include your husband's income, the lender will evaluate his credit. However, for the reasons mentioned in my answer, you may find an improvement in his overall rating.

Best wishes.

Thank you,

THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Ellen and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 9 years ago.
what do you mean a improvemant on his over all rating...? sorry to ask i have know idea about any of this stuff. and when i appied for a new car i used my cresit and his income and i dont ink the pulled his credit is it different for a car?