No. Creditors do not care about divorce settlements concerning joint debts. The person not filing the bankruptcy will be held responsible for repaying any joint debt that was incurred during the marriage. The only protection for the ex-spouse is filing his/her own bankruptcy if they cannot pay the debt.
==Answer == Not in any way. Your credit rating is only determined by how YOU handle your credit on anything that is in your name.
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.
Once you file for bankruptcy, you will probably not get anything back. When you are through, it could all be over. Then they will stop getting anything else from you. You get a clean start.
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.
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
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.
If your ex files bankruptcy and you are listed on some debts that (s)he wants to discharge, you will become 100% liable instead of 50%. Go through all your debts and make sure that anything in both of your names is paid. If you no longer have any joint debt, an ex filing will not affect your credit.
==Answer == Not in any way. Your credit rating is only determined by how YOU handle your credit on anything that is in your name.
will bankruptcy increase you credit score over time
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.
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.
Once you file for bankruptcy, you will probably not get anything back. When you are through, it could all be over. Then they will stop getting anything else from you. You get a clean start.
You do not have to necessarily get credit counseling before you can file for bankruptcy.
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
No. Bankruptcy doesn't erase anything from your credit. In fact, it adds a very, very, bad thing to it.
The only way to remove a bankruptcy from your credit report is to dispute it to the credit bureaus. The credit bureaus have 30 days under the Fair Credit Reporting Act, to verify your bankruptcy withe the court that filed it or it must be removed from your credit report.
Debts included in the bankruptcy should be noted as such in the credit report. The bankruptcy will remain on the credit report for ten years.