Re: Is his debt automatically my debt because we are married?
^^^ yup the IRS 'settlements' you see advertised on TV are indeed one shot offerings requiring cash on the barrelhead for the amount being settled on. Also, the viability of the IRS accepting a settlement is directly proportional to the negative consequences of the IRS NOT accepting the settlement i.e. forcing the affected business or individual(s) into bankruptcy on other debts in order to prioritize their payment of a back tax bill. In the absence of an impending bankruptcy, the probability of a heavily discounted IRS 'offer of compromise' settlement amount being accepted is actually very low.
Even so, if the IRS does accept a settlement, it's a virtual guarantee that a wall to wall IRS audit of tax returns will occur during each of the next three years, to satisfy themselves that they're not being 'shorted' any additional tax money.
Re: Is his debt automatically my debt because we are married?
I have a question that relates to this thread.
I have poor credit, my fiance has very good credit. we want to buy a house, but we're afraid my poor credit (medical bills that I haven't paid, pluss a lot of late cc payments and a short cred history) will give us a higher interest rate and make getting a good mortgage harder.
would it be easier for him to buy a house, then later put it in my name also, when we're married?
or would we get more benefits if we marry first, b/c he'd be supporting me and it'd maybe give us gov't subsidies...
any imput about this would be appreciated.
Re: Is his debt automatically my debt because we are married?
Nope - married or not your credit will still affect buying a house. Gosh we just went through this and it was hell. In my case my husband would have to buy the house on his own because if we tried to buy together my credit would either make it so we just cant get a loan or make the interest rate much higher.
Re: Is his debt automatically my debt because we are married?
Lola,
You'll probably be better off not putting your name on the house when you buy it. Whether you're married or not shouldn't make a difference, as long as you don't put your name on the loan ap and real estate contract.
However, you'll have to make sure that he can qualify for the loan without your income as well, as it can't be included if you aren't on the loan.
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
Katrine
Actually, Melonie is correct and I was incorrect in regards to the IRS situation. They can pretty much do whatever the fuck they want.
Lol, quoted for truth. ;D
Quote:
Originally Posted by
Deogol
Interestingly enough this is becoming a big enough problem that I am seeing commercials for checking your to-be's credit rating!
The one in particular is the guy playing in a band living in his wife's mother's basement because his wife has bad credit and so they cannot get a nice apartment or house.
I saw that one, too. It would make sense that a credit check would be a legal requirement before getting married... like the blood test. (They still do that, right? It's a legal requirement?)
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
Bella21
like the blood test. (They still do that, right? It's a legal requirement?)
Nope... most states dont. I know 100% California doesnt.
Credit check = invasion of privacy. Altho since we have no privacy anymore as Americans I dont see why they cant make it law.
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
sxybrat07
Lola,
You'll probably be better off not putting your name on the house when you buy it. Whether you're married or not shouldn't make a difference, as long as you don't put your name on the loan ap and real estate contract.
However, you'll have to make sure that he can qualify for the loan without your income as well, as it can't be included if you aren't on the loan.
currently his income is the only one. lol. And I'd love to keep it that way! by the time we buy a house (or he buys a house) it will definatly be our only income.
thanks, that's what i was thinking :)
(and thanks mel for the link!)
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
AudreyLeigh
Nope... most states dont. I know 100% California doesnt.
Credit check = invasion of privacy. Altho since we have no privacy anymore as Americans I dont see why they cant make it law.
Duuuudddeee.... I need to get with the times, apparently.
Re: Is his debt automatically my debt because we are married?
I believe there is a limit on the amount they'll do a break on. You may want to check into that. So, if $3,000 is owed, they may not do a tax break. Definitely check that out...I believe it has to be higher than that to be considered.
But, none-the-less...if you get that tax break, expect to spend around 6 months filling out forms, mailing forms, filing out more forms, mailing more forms. And, it's not guaranteed that you'll get the break. AND if you do not have every piece of paper they request...you won't get it.
It may just be easier to contact the IRS, give a small down payment and make payment arrangements.
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
VenusGoddess
It may just be easier to contact the IRS, give a small down payment and make payment arrangements.
:yes: I got hit with back taxes from 2004 and set it up on a payment plan. It was easy and I have it set up on EFT so I dont have to worry about it.
Re: Is his debt automatically my debt because we are married?
your name can be on the deed, but not the mortgage, that, btw would have to be put in the real estate contract when you sign ht e papers, but i've seen it done. that way you have an interest in the house, but are not responsible for the mortgage.
Quote:
Originally Posted by
Lola Rose
I have a question that relates to this thread.
I have poor credit, my fiance has very good credit. we want to buy a house, but we're afraid my poor credit (medical bills that I haven't paid, pluss a lot of late cc payments and a short cred history) will give us a higher interest rate and make getting a good mortgage harder.
would it be easier for him to buy a house, then later put it in my name also, when we're married?
or would we get more benefits if we marry first, b/c he'd be supporting me and it'd maybe give us gov't subsidies...
any imput about this would be appreciated.
Re: Is his debt automatically my debt because we are married?
that sounds perfect, thanks saphire :)
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
saphire123456
your name can be on the deed, but not the mortgage, that, btw would have to be put in the real estate contract when you sign ht e papers, but i've seen it done. that way you have an interest in the house, but are not responsible for the mortgage.
You do NOT have to be on the purchase RE contract to be on the deed. In fact, if you put both names on the contract, the bank will expect both names on the loan (because you are, in effect, saying that since you are both contracting on the house, you are both buying). After the loan closes, you simply add the person to the deed by executing a Quit Claim Deed.
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
VenusGoddess
You do NOT have to be on the purchase RE contract to be on the deed. In fact, if you put both names on the contract, the bank will expect both names on the loan (because you are, in effect, saying that since you are both contracting on the house, you are both buying). After the loan closes, you simply add the person to the deed by executing a Quit Claim Deed.
no, you don't HAVE to be on the purchase contract, but that's one of the ways you can do it (quit claim is the other way) some re deals are done this way thou, i had a client that was selling her house and putting down the downpayment, but the mortgage was suppose to be in the bf's way so they did it that way, since she said there's no way she'd just hand over the dp without it
Re: Is his debt automatically my debt because we are married?
I've dealt with this recently when my brother in law died as I've been helping my sister. He had a lot of debt in his name, quite a considerable amount of debt actually when you throw in the credit cards and student loans it amounted to over $30k. He had no estate or any assets to speak of so when he passed, all his personal debt went with him. Sure, they still hassle my sister and try to collect, that's why she has me handle it, I tell them (very politely of course) to f-off. They had some jointly owned debt which she paid but if it was in his name, it's essentially dissolved because there is no one to legally collect from.
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
Robertjordan
I've dealt with this recently when my brother in law died as I've been helping my sister. He had a lot of debt in his name, quite a considerable amount of debt actually when you throw in the credit cards and student loans it amounted to over $30k. He had no estate or any assets to speak of so when he passed, all his personal debt went with him. Sure, they still hassle my sister and try to collect, that's why she has me handle it, I tell them (very politely of course) to f-off. They had some jointly owned debt which she paid but if it was in his name, it's essentially dissolved because there is no one to legally collect from.
Thank you for posting this. My friend went through some similar grief after her mother died of cancer- several companies tried to bully her into paying off balances that were not her responsibility in any sense. I took a bunch of the phone calls...It was disgusting. Just a heads up for anyone who might have to deal with that.
Re: Is his debt automatically my debt because we are married?
When my dad died, my brother and I were listed, obviously, as next-of-kin. I had one of my dad's creditors call me telling me that I was now responsible for this debt. I laughed and told him, "My dad's ashes were spread out at sea. Why don't you go swim out there and find them and make him pay it. You'll probably have better odds of getting your money because I'm not paying a dime." And hung up. That company never called me again. ;D
Re: Is his debt automatically my debt because we are married?
^^ Debtors can try to collect from the estate; this is part of the purpose of PROBATE.
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
threlayer
^^ Debtors can try to collect from the estate; this is part of the purpose of PROBATE.
Correct. They can collect from the estate. However, if there is no estate, there is nothing for them to collect. But from my personal experience that does not stop them from hassling you. I guess they have a job to do but come on, trying to beat out a widow or someone grieving for money they are not required to pay. And someone like my sister who is not sophisticated financially is vulnerable to them.
Here's a funny one that I dealt with. After telling them that my brother in law had no estate they told me they'd offer me a one time deal. They said that they could transfer the credit card (and debt) into my name and that I'd be guaranteed approval. Oh boy, you mean I can take on his $3,000 of debt and you'll give me a credit card?!
One more final note regarding estates and debt. My brother in law did have a life insurance policy with my sister listed as the beneficiary. Where they live, and in many states, that does not get included in an estate, it goes straight to the beneficiary. Thus my sister got the proceeds and that money was not claimable by the creditors.
Re: Is his debt automatically my debt because we are married?
Quote:
Originally Posted by
Andygirl
I created this thread to ask for specific answers. If I wanted to discuss the details of my marriage with you or anyone else, I'd put it in the nibshit forum. Take your ASSumptions elsewhere.
Without reading into the situation at hand or your marriage, this post stood out to me because it showed that you can and will stand up for yourself. Whatever the situation might be, I gotta commend you for doing that.
A few years ago I was in a spot where a lot of bitches were making assumptions about my guy at the time, and they would give me nosy "advice" when it wasn't asked for. They would even bring up info that I'd never told them directly(stuff that they only coulda heard through grapevine gossip, which shows that people were talking about me at that club). I only wish that I'd been less spineless/doormatty(ah well, you live and learn) to them. Instead of feeling the need to overexplain to them the truths or to make excuses to mask any flaws, I shoulda responded the way you did. Thank you for reminding me of a good response to tell people. Now if only I can find a way to get a time machine and fly back to Club Wizzards summer 2005 so I could tell that line to some of the bitches that worked there...