I've been with my boyfriend for over a year and we have talked about the future and possibly getting married one day and having kids. He has been previously married (divorced 10 years ago) with 2 great kids. He's also 45 and I am almost 30.
A few weeks ago I decided to ask him about his finanical information and credit score. He said that it's not good, that he assumed most of the debt in the divorce (around $60k to be exact) and he had to file from bankruptcy and is still recovering. The good thing is the $60k of debt was wiped clean. Also, just yesterday he wanted to let me know that he is giving his car back to the bank (aka voluntary repossession) because he can't afford it anymore. He was paying $600 a month which seemed outrageous to me but due to this prior bankruptcy that was the best he could get with his credit score. So on top of child support payments ($1,600 a month), his rent ($1,600 a month), car payment ($600 a month) and all his other expenses (kids gymnastics and baseball), his expenses were more going out than what he was making (and he makes a good salary). He is however able to borrow a car from a friend of his so he has a way of getting around.
Ever since finding this stuff out, I've been really nervous about the future. I know the bankruptcy will be wiped off his credit score in the next few years, but then there is this repossession which will now show up. His credit score is already low and I'm just worried about what is going to happen in the future. His kids are getting older (they are now 15 and almost 11), so I know child support won't be as bad in the next few years and he doesn't have any credit carb debt at all. I guess i'm just looking for words of support in the event anyone has been through the same situation. His ex-wife has remarried so she has her income, her husband's income and the child support my boyfriend pays on top of that.
If we can get his money together and his credit score improving I would feel better, but that seems like a ways away.....any advice?