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Can you take out a home equity loan or line of credit jointly with your spouse if he owns the home by himself?
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If you have bad credit will it affect the credit score of your spouse?
Your credit standing alone won't affect your spouse's credit. The only way your spouse's credit would be affected along with yours is if you jointly hold accounts and then fail to pay them.
How does filing for personal bankruptcy affect a former spouse's credit rating?
The only way it could possibly affect the former spouse's credit is if you are including debt in your BK that the spouse may be jointly obligated on; regardless of who was responsible for that debt in the divorce decree. It the spouse was not a co-signer on any of the debts you file BK on, then they won't be affected.
If you marry someone who is in default on their credit card how will it affect your credit?
Debts or the defaulting of, does not carry over into a marriage. Therefore, the other spouse's credit rating will not be jeopardized. If real property is jointly purchased, the creditor may be able to get a judgment based on the debtor's share.
Will your husband be liable for your credit card debt in Texas if the credit card is only in the wife's name?
Both are equally responsible for debt accrued while married regardless of whose name is on the credit card. * Yes, Texas is a community property state, therefore all assets acquired during the marriage (with a few exceptions such as inheritances) are considered jointly owned. Likewise, all debts are considered jointly owed, regardless of which spouse is the account/loan holder. This applies to community property states only, all other states consider marital debts not jointly incurred as being the sole responsibility of the spouse who made the financial agreement.
If you have good credit and your husband has bad credit and you own your home jointly can he declare bankruptcy independently?
Yes. Generally one spouse can file bankruptcy without the other spouse having to file even when real estate is jointly owned. Sometimes if there is substantial equity in the house this can be problematic, but most states have exemptions which protect residential real estate owned by spouses when only one spouse files bankruptcy (called the "Tenancy by the Entireties" exemption), so this usually isn't a problem. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
If you have bad credit will it affect the credit score of your spouse?
Your credit standing alone won't affect your spouse's credit. The only way your spouse's credit would be affected along with yours is if you jointly hold accounts and then fail to pay them.
Can a spouse take a home equity line without the other spouse?
Depends who's name is on the mortgage. If both names are on, then you would need both spouse's to take out a home equity line of credit.
If you remarry is the new spouse affected by one partners bankruptcy prior to the marriage?
Only when the new spouse is applying for credit jointly with the bankrupt partner.
When two people get married does there credit score become one?
No. Your credit score is always your own. Your spouse's credit does not affect yours (and vice-versa) unless you apply for credit jointly. However, even if you are extended credit jointly, any late payments or defaulted loans appear on each of your credit scores, and affects your credit scores individually.
In Florida is a spouse responsible for credit card debt that is solely incurred by the other spouse?
No. Florida like several other states treat marital debts as being separate when they are not jointly incurred.
How does filing for personal bankruptcy affect a former spouse's credit rating?
The only way it could possibly affect the former spouse's credit is if you are including debt in your BK that the spouse may be jointly obligated on; regardless of who was responsible for that debt in the divorce decree. It the spouse was not a co-signer on any of the debts you file BK on, then they won't be affected.
If you marry someone who is in default on their credit card how will it affect your credit?
Debts or the defaulting of, does not carry over into a marriage. Therefore, the other spouse's credit rating will not be jeopardized. If real property is jointly purchased, the creditor may be able to get a judgment based on the debtor's share.
When one spouse dies what happens to jointly owned property?
The surviving spouse becomes the sole owner.
When one spouse has a judgment enter on them can they levy property that is jointly owned by the other spouse?
In Michigan can jointly owned real estate by used to satisfy a judgement against one of the joint owners?
If you marry someone who files bankruptcy to get rid of debt from his first marriage will your credit be affected even though nothing is in your name?
Your personal credit will not be affected if your spouse files bankruptcy alone. Be careful though in future transactions if you apply jointly for credit later... it will show up there.
Will your husband be liable for your credit card debt in Texas if the credit card is only in the wife's name?
Both are equally responsible for debt accrued while married regardless of whose name is on the credit card. * Yes, Texas is a community property state, therefore all assets acquired during the marriage (with a few exceptions such as inheritances) are considered jointly owned. Likewise, all debts are considered jointly owed, regardless of which spouse is the account/loan holder. This applies to community property states only, all other states consider marital debts not jointly incurred as being the sole responsibility of the spouse who made the financial agreement.
If you have good credit and your husband has bad credit and you own your home jointly can he declare bankruptcy independently?
Yes. Generally one spouse can file bankruptcy without the other spouse having to file even when real estate is jointly owned. Sometimes if there is substantial equity in the house this can be problematic, but most states have exemptions which protect residential real estate owned by spouses when only one spouse files bankruptcy (called the "Tenancy by the Entireties" exemption), so this usually isn't a problem. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
