If you are listed on the account and she files bankruptcy, you are liable for the amounts on the cards.
You may be able to get a portion discharged in the bankruptcy.
Speak with an attorney in your area.
If you're listed exclusively as an "authorized user," then you may be okay. If you are listed as a "co-debtor," then you're probably going to get stuck with the debt. One would probably have to contact the credit card issuer to determine their status. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
for a 10 year period
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.
check Federal Bankruptcy act 801.3
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No, authorized users are not responsible for debt incurred on such an account.
no
No. The card holder is responsible for all debt on the credit they extended to him. (You may be responsible to the credit card holder for the debt he incurred for you, if that was your agreement).
for a 10 year period
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.
check Federal Bankruptcy act 801.3
It is quite difficult to get credit after bankruptcy because after one declares bankruptcy one has to be significantly behind one ones bills to be able to do so. However after this one should be able to build their credit back up by paying things on time and not applying for loans.
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No, authorized users are not responsible for debt incurred on such an account.
The company. The liability is one of the many the BK will resolve. Of course, if there was a cosigner or such on the credit line, they are involved too.
In a Proprietorship, the personal bankruptcy of the proprietor may cause shut down of business. Whereas in Partnership and Joint Stock Companies, bankruptcy of Partners, Directors effects business credit immensely as bankers become shy in extending further credits to the company.
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.
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.