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If your spouse files bankruptcy will this affect you and your credit?
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Answered 2005-04-25 18:48:36
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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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 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.
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.
Can credit cards be used after someone files for bankruptcy?
Sometimes credit card charges are not included in bankruptcy. If they are then you will no longer be able to use them.
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 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.
When is a bankruptcy removed from your credit report?
Bankruptcy may remain on your credit report for up to ten years. However, what is probably more important to you is the impact that bankruptcy will have on your credit options. That depends heavily on how you handle your finances and credit accounts after bankruptcy. Many bankruptcy petitioners who manage their credit carefully and make an effort to rebuild credit are able to qualify for traditional mortgages and car loans within about two years.UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Bankruptcy from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "bankruptcy" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The Federal Court that the bankruptcy was filed in may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.
How to remove a bankruptcy from credit report?
The bankruptcy will remain on the credit report until the required ten years has expired. UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Bankruptcy from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "bankruptcy" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The Federal Court that the bankruptcy was filed in may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.
If a bankruptcy is dismissed can you have it removed from your credit?
Yes. I tried to remove a dismissed bankruptcy from my credit report. All agencys were contacted and so was the FTC. They said they had a legal right to keep the Bankruptcy dismissal information on the bureaus files.
If a spouse files bankruptcy can the other be held liable for the mortgage payment if its in both names?
If it is in both of your names then yes.
If your estranged spouse files bankruptcy and you cosigned should you make payment arrangement file bankruptcy or wait for SOL to expire?
Thats a decision YOU have to make. Please consider the effects on your credit for each choice. Having to make that decision is a result of not considering it b4 you cosigned. Good Luck
How can one get a loan if they have declared bankruptcy?
Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.
Can you co sign on a house after bankruptcy?
A person that files for bankruptcy will more than likely have their credit score decline. This will not make them a good candidate for being a cosigner.
If you have a repossesion on your credit report when you file for bankruptcy will that be removed from your credit report?
No. The repossession will be its own listing. If is was including in the bankruptcy, it will be listed as 'included in bankruptcy' but it will still be listed as its own listing.UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Bankruptcy from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "bankruptcy" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The Federal Court that the bankruptcy was filed in may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.Not only can you get a Bankruptcy Legally Removed from your credit report but you can also get Foreclosures, Default Judgments, Tax Liens, Repos, collections etc...all removed. All negatives no matter how bad, how many or how recent ... they all can be removed legally!
If the co-signer of a car files bankruptcy will this affect the credit of the primary even though my payment are always on time?
No. It only affects the lender ability to get paid if the primary borrower defaults.
How does one obtain a credit card after bankruptcy?
After a person files bankruptcy, one must raise their credit score high enough to obtain a credit card. Once this is done, the process is simple and all a person must do is to fill out the normal paperwork.
If your husband files for bankruptcy on debt acquired after your separation is your credit at risk as well?
Yes, unless you request the credit reporting bureaus to separate your accounts.
When does one eliminate bankruptcy debt off of their credit record?
When a person files for bankruptcy and their case is discharged they can immediately begin rebuilding their credit. It isn't unlikely for a person's credit score to bounce back to 750 or higher within the matter of a couple years.
CAN I get a divorce before my wife files for a bankruptcy?
Divorce and bankruptcy are not related issues. One does not affect the other. If you want a divorce, go ahead and get one.
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