Foreclosure-What now?

What is the name of your state?What is the name of your state?Arizona.
I met a wonderful man in the past summer and over time fell in love with him. He has been very upfront with me about his financial situation, but now I need advise, on how to proceed.
He owns his own company, which has not been doing as well as when he started out. He has a $1 Million home, 2 Mortgages and even though he tried for 2 years to sell the home he had 2 Sales fall out. The foreclosure procedure is coming to a finish this Thursday at the court house steps. He has been talking to a laywer regarding filing bankruptcy and is not sure if he should file personal -or business bankruptcy.Since his dicorce, child support and the high housemortgage every month, he was not filing taxes in the past 2 years either. He wants to roll the tax dept into the bankruptcy.
Me - on the other hand - own a condo, have a regular income and an excellent fica score (760). My question is: What do I have to consider if or when I marry this man? What do I have to keep seperate? What if he makes good money again by next year and we would consider purchasing a home? What kind of "timeline" do I have to consider? Should we wait to get married until we purchase a home so I could put it into my name and after the marriage put it into both? Do I have to keep my last name even after we are married? Will I be responsible for any of his dept when we are married? I really appreciate any input and advise. Thank you!

[Souix]

Originally Posted by AZHeat

What is the name of your state?What is the name of your state?Arizona.
I met a wonderful man in the past summer and over time fell in love with him. He has been very upfront with me about his financial situation, but now I need advise, on how to proceed.
He owns his own company, which has not been doing as well as when he started out. He has a $1 Million home, 2 Mortgages and even though he tried for 2 years to sell the home he had 2 Sales fall out. The foreclosure procedure is coming to a finish this Thursday at the court house steps. He has been talking to a laywer regarding filing bankruptcy and is not sure if he should file personal -or business bankruptcy.Since his dicorce, child support and the high housemortgage every month, he was not filing taxes in the past 2 years either. He wants to roll the tax dept into the bankruptcy.
Me - on the other hand - own a condo, have a regular income and an excellent fica score (760). My question is: What do I have to consider if or when I marry this man? What do I have to keep seperate? What if he makes good money again by next year and we would consider purchasing a home? What kind of "timeline" do I have to consider? Should we wait to get married until we purchase a home so I could put it into my name and after the marriage put it into both? Do I have to keep my last name even after we are married? Will I be responsible for any of his dept when we are married? I really appreciate any input and advise. Thank you!

***If he files BK he wouldn't have any debt except for the taxes. You cannot claim taxes owned to the IRS in a BK. Also his credit would be messed up on both the foreclosure and the BK. Lenders will require at least 2 years to pass before he can buy another home on the BK and it might be 3 years on the foreclosure. So if you're planning on buying a home together, the lender probably would not want him on the loan. You do not have to change your name when you marry someone. If you buy a home you can be on the loan and after it closes you can add your husband's name to the title if you choose. You would not be responsible for his debt after you are married unless you wanted to help him.***

Contrair, mon frair. Taxes ARE dischargeable in BK but they must be 3+ years old.

[Souix]

Originally Posted by Buck Barker

Contrair, mon frair. Taxes ARE dischargeable in BK but they must be 3+ years old.

***My apologies if I am incorrect....I filed BK 10 years ago and I was told I could not discharge the taxes I owed.***

[Ladynred]

Sorry Buck, but Sioux was right the first time. In most cases, taxes owed for more than 3 years can be discharged, BUT - the tax returns MUST HAVE BEEN FILED ! In this case, the boyfriend has not even FILED his tax returns, therefore whatever tax debt he's got will NOT be dischargable.