Bankruptcy and remarriage question.

[mommajo]

I found out last week that my ex is filing for bankruptcy, this will of course effect both of us as there was mutual debt that we were both responsible for as spelled out in the divorce decree. Since he is doing this on his own, the creditors will of course come after me for his half, which will leave me no choice but to file as well. Thats fine, I've come to terms with it. My problem is protecting my fiance from any of this old debt as there is no way i will be able to get everything together and ready to file (let alone afford the fees) before the wedding in June. The house was in forclosure when I filed for divorce and the vehicle in both of our names has been repossessed as well. I don't think he will be responsible for the vehicle however as it was noted that he was to be held harmless for any liability, financial or otherwise over the vehicle. I simply could not afford to keep it after he left due to the high payments and sky high insurance I was paying as a result of his past 3 dui's.

Will a prenup agreement protect my fiance in the process of my having to file bankruptcy? Everything that I have for debt was from my first marriage. I have not incurred any debt at all since my divorce. No credit cards, no revloving loans, no secured loans... it was all debt from before. I've heard these horror stories about remarriage and the new spouse having to pay the price for debt that followed into the new marriage. I know I need to consult a lawyer, and I will be, however, I just wondered if anyone else had been there or knew anything about it.

Thanks in advance for any answers - I'll check back tomorrow.

[TC]

I don't have answers for your questions.....hopefully someone else here will. 

However, I am fairly certain that a prenup will have no bearing on the matter whatsoever.

TC

[AtPeace]

I don't have the answer either but that doesn't stop me from pontificating...

I would recommend a CPA for this question over a lawyer. You should definitely keep your finances separate though after marriage. That means no shared bank accounts, credit cards, etc.

[mommajo]

Thanks TC and AP I appreciate the feedback.

[Lee Borden]

Your fiance will not be subject to your debt, but any asset you and he own together (like a house or a car) will be subject to judgment lien for your debt. So for starters, just make sure you and he keep your ownership separate.

A prenup may give your fiance a claim against you but would accomplish nothing in terms of protecting him from your creditors.

[mommajo]

Lee, Thank you, that is good news for me. I appreciate your reply.