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If the BK filer is allowed to discharge the debt a joint account holder who is not a party to the bankruptcy becomes solely responsible for the entire amount. Cancelling or closing the account will not change the fact that the person will still owe the debt and it will eliminate the possibility of said person to negotiate terms with the lender if it becomes necessary. If the joint account holder continues to meet the required terms of the account agreement his or her credit score will not be negatively affected.

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โˆ™ 2006-03-25 14:40:53
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Q: If you are a secondary card holder and the primary card holder declares bankruptcy how does that affect your score and what if you cancel your account before he declares bankruptcy?
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Related questions

Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?

no


What happens when a cosigner declares bankruptcy-not the primary owner?

Nothing unless they filed on your loan.


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Primary, as she wrote it herself- it wasn't a secondary account done by anyone else.


Can the primary account holder remove the name of the secondary holder?

Pay off the balance and close the account. Then reopen a new account with only the primary holder.


What is difference between primary and secondary card holder?

The major difference is that the Primary Account holder is responsible for all the amounts due on both the Primary Card and the Secondary Card.


Is a historian's account of Julius Caesar's victory against Spain a primary or secondary source and why?

A historian's account of Julius Caesar's victory against Spain is a secondary source not a primary source. Secondary sources analyze and explain primary sources. Primary sources are documents or objects that were created during the time being studied.


Can a secondary card holder discharge the debt if they declare bankruptcy?

No. The secondary card holder can only discharge his/her own obligation to pay. The primary will staill have to pay.


What is advantage a primary source has over a secondary source?

a primary source offers a firsthand account of an event. (apex)


Is a commentary a secondary source?

Yes, a commentary is a secondary source. A primary source is a first hand account of an event. I.e. I was at the corner when a five car pile up happened. When the police question me, the account I give them is a primary source.A secondary source is an after-the-fact account of events gathered from a primary source. A commentary is derived after reading a written article or watching a film, this the commentators commentary is secondary to what they were watching, reading, or listening too.


What is sweep account in banking?

A sweep account's funds are managed in a primary cash account and secondary investment accounts.


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Primary account holder is the person on whose name the bank account is created in the first place. Ex: Assuming you have a bank account and then once you get married you would include your spouse as a joint account holder. you will be the primary account holder and your spouse would be the secondary holder.


If the primary card holder gives a friend a secondary card to use is the secondary user responsible for the dept or is the primary card holder solely responsible?

It depends if the secondary card holder is a "Joint Account Member" or a "Authorized User". The joint account member is responsible for the balance, the authorized user is not.


What is difference between primary and secondary?

Primary Means, it is individual there is no dependence, But Secondary will allays depends on Primary, If you want to do Secondary, you should complete primary first, There is no precondition to primary, but for Secondary Primary is the Precondition, first you should do primary, then only you are able to do secondary.


Are parrots primary or secondary consumers?

secondary...


What are the benefits of a secondary card holder?

The benefits of having a secondary card holder on a charge account are mostly to the secondary card holder. This person can use the account, but it is the primary person that must pay the bill. Having a secondary person on an account is helpful for providing a credit card in their own names to students and spouses.


Is a secondary credit card holder resposible for debt?

Depends on what "Type" of Credit Holder you are. Here is how that will go: If you are what is known as an authorized user on the account. (i.e. - The Primary account holder has given you permission to make charges on the account), the answer is No. The primary account holder is responsible for any charges he/she has allowed you to make on the account. If you are a Secondary account holder (i.e. -your name was put on the account APPLICATION at the time the card was applied for), then your answer is YES. If the Primary account holder defaults on the account, then the credit card company will turn to try and collect from the Secondary account holder. BEWARE of becoming a secondary holder on anything that has to do with credit. If you know that the Primary holder may default, you could get stuck with a huge amount of debt on your hands, and if you can't pay, your nice credit score of 783 could very quickly go down the drain to 535 or lower.


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A primary source offers a firsthand account of an event


What is primary and secondary victim?

primary: Raul Secondary: Julie


What is Primary demand and secondary demand?

primary and secondary demand


What are the three primary activities of a program?

Input, processing, output.


A transformer has 20 primary windings and 100 secondary windings If the secondary voltage is 25 V find the primary voltage?

Voltage on primary/Primary turns = Voltage on secondary/Secondary turns


How does it apply to a authorized user on the account and the primary dies and the card is used after the death who is responsible for the debt even if the deceased has no monies in any estate?

The authorized users who had full access to the account are both equally responsible for the debts incurred. The secondary user most likely used the card before the primary became deceased ... just because the primary account holder dies does not dismiss the responsibility of the secondary account user.


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No unless the primary gives the secondary permission too


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Is a grassland a primary or secondary succession?

is the grass lands primary or secondary