You can do it either way. It mostly depends on the financial situation you are in and if you have joint accounts or single accounts. Just went through this. Most of the bills are in my name so my husband didn't have to do it.But your lawyer will advise you on the best way to file. Hope this helps.
Yes. Keep your credit histories separate, no joint credit cards, etc. Utilities should be allocated to one of you alternately so you each have some accounts that will give you a credit history. Do a household budget and decide who is going to pay what and how much. Stick to it. Separate bank accounts. A joint bank account for household expenses is a good idea. Talk to each other about money issues on a regular basis, not just when there is a problem.
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
In some cases, it actually does. This really depends on a lot of factors and variables, but I have seen credit scores increase 100+ points after filing a bankruptcy.
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
"Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card."
After filing bankruptcy, it is extremely important to be very careful to pay bills in full and on time. Missed payments or carrying credit card balances can negatively impact credit scores.
yes
To receive a car loan after filing for bankruptcy you will probably have to rebuild your credit before applying. You can also find a co-signer with amazing credit to counteract yours.
No, a credit score is compiled from a consumer's complete credit history.
As with everything, bankruptcy law can be complicated and the manner by which credit ratings occur can seem mysterious at best. Filing for bankruptcy will in general lower your credit score, but with some good spending habits and good financial stewardship will again rise over time, especially since part of your credit score has to do with income to debt ratio. When you file for bankruptcy, the debts do not simply disappear as if they never existed. Your history of late or missed payments, if you have one, will remain on your credit report and will continue to drag down your credit score. Additionally, the bankruptcy will stay on your record for many years. A Chapter 7 bankruptcy will remain on your credit report for 10 years from the date of the filing