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It will affect any accounts that you own jointly. The public record should not show on your credit report but the accounts that are included in bk which you share will be reported to the bureaus as "included in BK". I would suggest that once the process is complete you contact all three major credit bureas and have them add a description to the account and notate that the accounts are cosigned accts and that you are not the principal signor.

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โˆ™ 2005-04-25 18:48:36
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Q: If your spouse files bankruptcy will this affect you and your credit?
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Will your credit rating be affected by your partner filing bankruptcy?

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.


What questions are asked when a person files for bankruptcy?

How will this affect my credit score? How much does it cost? What can I declare in the bankruptcy? How long will it take?


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.


What happens when the ex spouse files bankruptcy after you divorce?

For any joint debts, the creditor will come after the spouse who has not filed bankruptcy.


If your husband files bankruptcy and you have no joint accounts will your credit be affected?

In general, the filing of bankruptcy by one spouse will not affect the other spouse's financial situation. A debt is created by contract between a debtor and a creditor - each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt. It helps that you do not have any joint accounts but if you have joint debts then the debt will remain with you and not be discharged with your husbands bankruptcy.


If one files bankruptcy and has a co-signer will if affect their credit rating?

If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.


Are assets of non-filing spouse considered in bankruptcy?

No. When one spouse files for bankruptcy and the other spouse does not, they are only filing for their own personal debts and not those of the spouse. In general, the filing of bankruptcy by one spouse will not affect the other spouse's financial situation. A debt is created by contract between a debtor and a creditor - each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt. Debts where spouses are joint and severally liable for payment will remain with the spouse who has not filed for bankruptcy.


How do you get payment on child support if your ex spouse files chapter 7 bankruptcy?

Yes, bankruptcy does not effect spousal support or child support.


If your fiancee files a chapter 7 bankruptcy and you get married how will that affect you?

It will only become an issue if you apply for joint credit such as a mortgage, vehicle financing, and so forth.


If a spouse files for bankruptcy in a community property state and debts are discharged can the other spouse be held responsible for the discharged amounts?

Maybe; see a lawyer.


If your ex files bankruptcy on a joint credit card they were court ordered to pay is there anything you can do to protect your credit?

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.


If ex-wife owes half of IRS debt and now files bankruptcy is spouse liable to pay her portion?

If ex-wife owes half of IRS and now files for bankruptcy, spouse may be liable to pay his portion if the debt was is a joint account. Otherwise, spouse will not be held liable for any portion thereof.

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