My husband has a large debts to the bank. And I have to responsible for it. Will my children be affected by my bankruptcy?
Only in as much as the bankruptcy affects your choice of home, car, or activities for the next seven (in the US) years.
Do I become responsible for my husband's pre-marriage debt? If so, how could I avoid this besides not marryin?
You are not responsible for any of his debts that were incurred prior to the marriage. Any accounts you open jointly after marriage will become the responsibility of both of you. If there is a house involved and it is in your name only, then I highly recommend you get a Homestead exemption. It is relatively cheap ($10 to record, probably $50 for an atty to draft), and it prevents creditors from taking the first $100,000 of equity you have in your house. Very cheap protection, and available to single or married people for their primary residence. If you decide to hold the house jointly, make sure you hold it as a tenancy by the entirety. An attorney can explain the significance of this to you, but basically it means that your new spouse's creditors cannot foreclose and take the house while you are alive. Hope this answers your question LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.
Debt settlement, does it affect your score?
Be very careful about debt settlement. What these companies do is have you stop paying your creditors and pay them instead. When you get enough money saved up with them they then negotiate with the creditor. What they don't tell you(or really downplay) is that creditors are NOT required to deal with them. Creditors can(and often will) file suit against you because you did stop paying them. The defense in court that you are paying a debt settlement company will carry no weight at all with the judge. Now the reality of your situation is that if you are struggling now to make payments you are not going to get approved for a home loan. Most likely you are beyond the acceptable Debt to Income ratio. The Debt to Income ratio is often overlooked by people, but is just as important to the banks to determine if you can qualify for a loan. You did not say what this amount was made up of, but if it is mostly unsecured debt(credit cards, personal(not student) loans) look at Debt Management programs. These are different than Debt Settlement and in the long run can be a good help. If you do be sure they are a member of the National Foundation for Credit Counseling.
Is there a way to get my husband's student loans forgiven with my disability forgiveness?
Federal student loans can be discharged if the borrower has a total and permanent disability. There is no provision for discharging the debt if the borrower’s spouse is disabled.Some private student loans offer a disability discharge that is similar to the disability discharge on federal student loans. Like the federal disability discharge, private student loans cannot be discharged if the borrower’s spouse is disabled. However, there are a few circumstances in which there’s a chance for a discharge, albeit a very small chance:If the borrower’s spouse cosigned the loans, the spouse could apply for a disability discharge. Usually, however, this will discharge only the spouse’s responsibility to repay the debt. It will not discharge the primary borrower’s responsibility to repay the debt.The borrower could appeal for a compassionate review by the lender. Again, unless the spouse’s disability affects the borrower’s ability to work, it usually will not result in a discharge.Be sure to tell the lender if the spouse became disabled while on active duty in the U.S. Armed Forces, as some lenders are more accommodating for service-related disabilities.
If You Get Married While In The Middle of a Bankruptcy, Will It Affect Him?
I am in the middle of bankruptcy proceedings and am going to be getting married very soon - it will take a while to finish up the bakruptcy, so it might not be done by the time we get married. He never had any involvement in any of the debts - will it affect him other than being a black mark on our joint credit?
Does being in long-term debt affect mental health?
I don't know about any research but I will give you a personal answer.YES IT CAN.I suffer from mental illness. My husband doesn't. We owed over $50000 excluding mortgage payment.The stress was so hard on my husband that he needed individual counseling. We did couples therapy. We eventually filed for bankruptcy. It was the only thing we could do to releave our stress levels. Which in turn lessened our depression.My suggestion to you is to look into bankruptcy relief. Yes, there is a stigma attached to bankruptcy but if it's affecting your mental and physical health you need relief. Bankruptcy will not affect any student loans you have.You may be able to lower your student loan payments. Talk to your creditors. I know my step sons were able to lower their payments. Maybe you can.If you have spending problems, talk to someone who can help you identify your triggers. Why do you buy when you buy? What can you do to stop yourself?Don't go to debt relief agencies! They sound good but any relief you get in payments affect your taxes. Not good. Brother did this. Added $5000 in taxes. For some reason it's considered income.Hope this helps. Good luck.LIVE LONG AND PROSPER: SPOCK: STAR TREK
Will your spouse's debt/credit history affect the outcome of your employment background check?
Unless you have a load of merged accounts, like you two share bank accounts as well as credit card accounts together, spousal financial obligations do not reflect upon you, unless you are applying for a loan jointly, like a mortgage or car loan of sorts.Plus, unless you are getting employed by a financial institution, the credit check they perform is no more than checking your standing at one or more of the credit reporting bureaus, which is nothing to worry about.
Will getting married affect my student loans?
The answer will vary. If you are referring to any federal grants or scholarships, yes it can affect and disqualify you. If you are talking about a preexisting loan, your husband is not liable. On any future loans you will have to put down you are married and it may or may not depending on the type of loan ask for his information. As long as you keep him separate he is not liable. However, his income can affect your ability to get say forbearance's or deferments in the future. That said on a side note. YOu do not need to put your husbands income in your US tax return if he earnings anything. It is a much more complicated tax process. I suggest you get a tax specialist, as you will need to file as head of household with foreign spouse.
How can I repay my debt to somebody if I can't find them?
By any chance, are you working a 12-step program. Most programs will instruct reciting addicts that they amend wrongs they did, like borrowing money or other things that were never returned. In program, there are going to be people you would want to find to apologize, right or wrong or repay a debt, but you just won't be able to do it. Without last names, I really don't see how you could do it. What I learned in my recovery is if you can't make an amends or repay money you borrowed, do something meaningful to honor the person, such as donate to a charity that you might associate somehow with the person you can't find. Like if he's a war vet and it meant something to him, possibly donate to a veterans' charity. Did he love animals? Maybe donate to an animal shelter. It has symbolic meaning, which is quite important. Additionally, you can write an amends letter to the people you can't repay. Then, find a quiet place where you're alone, get on your knees (unless you can't for some reason) and read the letter aloud, as though you were reading it to the person to whom it was written. Kneel while reading to make yourself humble. I think you'll be amazed at how freeing it is.