Bankruptcy is one of the most serious notations people can have on their credit report. It stays on a credit report for seven to 10 years, depending on the type of bankruptcy. However, the impact your fiance’s bankruptcy will have on your credit depends on how closely your credit is tied to his. Credit bureaus maintain separate files on individuals, so credit histories are not combined when you marry. Only jointly held accounts or accounts for which one spouse is an authorized user on the other’s account will appear on both credit reports. Any of his individual accounts will remain his own and will not appear on your credit report.

However, it is important to remember that anytime you apply for credit jointly, both your credit reports will be reviewed. So if you will be looking to purchase a home or an automobile soon, then his bankruptcy will likely have a significant impact on your ability to find a loan. You may need to consider a smaller home or car loan for which you can individually qualify.

Bankruptcy isn’t right for everyone. Your fiance may want to consider meeting with a credit counselor to explore his options. He can find a local office by visiting the National Federation for Consumer Credit website (www.nfcc.org). Consumer counseling services offer free or reduced-price assistance in assessing your debt, creating a budget and developing a repayment plan. If he enters a repayment plan, it will negatively impact his credit history because he won’t be repaying the debts as originally agreed. However, such notations are still better than a bankruptcy.