0
How is a husband's credit affected if he is an authorized user on his wife's credit card and she filed for bankruptcy?
Most credit card companies will have a clause in the Cardholder Agreement to address this. It will likely be 'joint and several liability'. This means that you are consider joint owners of the debt, but can also be considered individual owners of the debt.
If one files bankruptcy, then the other party is liable for the debt in full. The Agreement will state as such. What you can/should do is apply with the Card Issuer to have a card in your own name solely and have the balance transferred. This way, the card can't be cancelled and balance demanded in full as it sounds like you are a supplementary or secondary cardholder.
Most companies will work with you, but each company will have their own policy on this. Best to not just leave it and address it directly!
In addition, a married couple living in a community property state is considered to own property and assets obtained during the marriage equally. Likewise debts incurred during the marriage are owed by both regardless of who is the actual account holder. Therefore the spouse not filing for BK can in most instances be held responsible for the entire debt(s) owed.
What else can I help you with?
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Does the credit score of an authorized user on your credit card affect your credit score?
No, the credit score of the authorized user will not affect the main cardholders credit score but the authorized users score can be affected as you can see creditcardideas.com/blog/adding-an-authorized-user-to-increase-credit-scores
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.
If you are an authorized user on a credit card and the holder files bankruptcy are you responsible for their balance?
No, authorized users are not responsible for debt incurred on such an account.
If you have a credit card only in your name will it affect or show on your husbands credit report?
No, only the owner and authorized users of the credit card will be reported on the credit card company to the credit agencies. If your husband is an authorized user on the credit card then it will show up on his credit report.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?
Both have the same negative impact on your credit.
Does the credit score of an authorized user on your credit card affect your credit score?
No, the credit score of the authorized user will not affect the main cardholders credit score but the authorized users score can be affected as you can see creditcardideas.com/blog/adding-an-authorized-user-to-increase-credit-scores
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.
If you are an authorized user on a credit card and the holder files bankruptcy are you responsible for their balance?
No, authorized users are not responsible for debt incurred on such an account.
If you have a credit card only in your name will it affect or show on your husbands credit report?
No, only the owner and authorized users of the credit card will be reported on the credit card company to the credit agencies. If your husband is an authorized user on the credit card then it will show up on his credit report.
If you are an authorized user on your parents credit card and they claim bankruptcy how will that affect your credit?
It will not affect your credit at all. Their credit information was used to secure the card. You are in the clear.
Does bankrumpcy for premarital debt affect my husbands credit?
Yes, if your husband has a bankruptcy before he got married it will still effect his credit.
Does business bankruptcy affect personal credit?
If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.
Can you be added to a credit card as an authorized user during bankruptcy?
I seriously doubt it ! A credit check on your name would flag up that you're in the throes of bankruptcy - and thus are a very high risk !
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
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.
