You and your current partner want to get married and build a life together in Tennessee, but you have financial issues to wade through before your wedding date. Should you declare bankruptcy before tying the knot or after?
Experian examines the intersection where bankruptcy and weddings meet. Learn when to time your bankruptcy while planning your nuptials.
When to file before marriage
If you wince every time you consider or look at the amount of debt you have, think about filing for bankruptcy before getting married. That way, when you and your partner tie the knot, you do not have to worry as much about your debt affecting your spouse’s financial health. Do you feel Chapter 7 bankruptcy offers you the most favorable option? If so, declare bankruptcy before getting married, so you do not have to combine your spouse’s income with yours when you file, which may push you over the Chapter 7 income maximum.
When to file after marriage
Perhaps your soon-to-be-spouse also has a lot of debt to navigate. If so, the two of you may file for bankruptcy together after getting married. By waiting, you save money on legal and court fees and filing. Further, filing simultaneously after marriage saves you time on creditor and trustee meetings. One caveat with filing after marriage is that if you or your spouse have real estate assets, they become part of your bankruptcy sale. One way to safeguard such property is to file separately.
You may enjoy marriage without concerning yourself with the cloud of debt looming over your head. Time events to maximize your financial and life satisfaction.