My fiance is in major debt..?

He had his own business for 2 years and really didn't run his finances well. Now he has 4-5 creditors calling all of the time, owes $1000 to a supplier, $4000 to an old customer, $500 to another customer, $2000 to his dad, and probably $2000-$2500 to an old employee. We also owe my mom (who is my landlord) 2 months worth of rent because of all this. I am so stressed over the situation and have no idea how to get him out of it. We are getting married in July and I don't want this affecting my credit. Our incomes are combined and I make pretty good money, but not enough for all of this. What can we do?

What would happen if he filed for bankruptcy?

That probably isn't enough debt to file bankruptcy since you would be stiffing his dad and your mom if that is his debt. I would get on making more money to pay off the employee first then the family. The employee first because they earned it with labor so are more deserving than someone like his dad who loaned him money knowing he had problems. Family next because you can't stiff family and expect them to ever help you again.
If he files bankruptcy the creditors including his dad won't be able to make him pay his debts. You may personally owe your mother so his bankruptcy would leave you with all that debt.
If he is the kind of man who won't pay back an employee that trusted his promises and kept working and his dad he will probably run up debt again. Combining finances with him will mean you will have bad credit too. Assuming you can save yourself from his mismanagement and bad credit you will not have a partner in life financially so when it comes time to buy a home or if you want to have children it will all be on you.
If he isn't making an effort like working two or three jobs and cutting all cost to pay off his debt he isn't worth marrying.

I would say...put off the wedding if you won't be able to handle it. Wait until you are in a good situation money wize, and you will be happier.

If you don't want his bad credit affecting yours, you shouldn't be marrying him. You should think about the fact that he owes all this money to people and isn't able to cover his debts. Not a good sign for down the road.

Take out a personal loan for $10,000 and pay it off over the next five years. Do yourself a favor and hold off the wedding or elope to save more $$$.

call a meeting and call of the wedding until he gets out of debt -- tell him his cell phone internet and every other want is going out the door until he gets his act together -- other wise in stead of seeking bankruptcy you will be seeking divorce!!!

get a consolidation loan which will give you all the money for all the money you owe, then you will be repaying just one loan back, or you can go bankrupt, its not really that much money you two owe, if you two are working use one wage to start paying back this money, start with the lowest even if your repaying half of it at atime still giving them the money, if you start it will be ok its when you just leave it your gonna have problems

first, don't pay HIS bills. also don't CO-own ANY property cuz then its attachable. I work in collections so I know first hand. don't get any joint bank accounts. have YOUR bills and HIS bills. again, co-ownership makes it susceptible to collections. if you really want to help him, tell him to call a credit counseling place. can do research at Consumer reports.com, they may have a section of credit counseling services . they will contact creditors, try to set up payment plans or have you pay THEM and they dole out the money to the creditors.

put off the wedding,for good.otherwise he is in deep debt,and you will loose him anyway if you get married with him.marriage is a contract for life for good and bad time what kind of contract you will be signing with a looser,who is already drown in debt.he will not be able to give any attention to you and what support a drowning person can give to the partner,he will drown you too. all his attention is all the time with the debt collectors.as he put himself to this situation let him get out by himself,if he overcome all his debt just by the fear of loosing you,it will make him a better husband,but in present situation,run away from his sight.let him deal with his own created financial situation.

Is he marrying you because he wants a life partner, or is he an immature little boy who will always be wanting a mommy figure to run to and bail him out?

DO NOT GET MARRIED!!!!......and the total debt is barely $10K......each of you get part-time jobs....sell everything not nailed down......get out of debt.....that's like six months hard work......lose the cable/lower your phone expenses/garage sale....mow lawns.....

Then....keep at it.......and save for your wedding.......c'mon be smart.....

Money problems are the #1 reason for divorce. Most married couples with money problems grow into them together. You on the other hand are jumping into them with both feet immediately. At the moment you say, "I do" all his money problems immediately become your money problems. You say you don't want this affecting your credit. IT WILL AFFECT YOUR CREDIT. If you don't want that to happen, don't get married. Some say love conquers all. It will not conquer your fiance's credit problems. Best of luck to you whatever you do.

He owes $10,000 in debt, plus two months rent to his future mother-in-law.

What if you have a baby 9-10 months after the wedding?

Hi,

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