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No. It is similar to your taxes, you have the option of filing jointly.

However, if you have been married for awhile and have a lot of joint debt, you should file jointly.

No. It is similar to your taxes, you have the option of filing jointly.

However, if you have been married for awhile and have a lot of joint debt, you should file jointly because your obligation to repay joint debt will survive your husband's bankruptcy.

For example, if your husband has a truck but the truck loan is in both of your names, you will be obligated to take over the entire debt if your husband files bankruptcy.

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8y ago
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8y ago

This depends on two things. Are the debts joint and do you live in a community property state? If they are his debts alone and you do not live in a community property state you are not responsible. Therefore you do not need to be a part of bankruptcy proceedings. If however they are joint debts and/or you live in a community property state you are equally responsible for the debt(s). And it would be in both of your best interest to file a joint bankruptcy.

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18y ago

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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9y ago

You can file bankruptcy together or individually when you are separated. What happens in your separation could affect your ability to file Chapter 7 and you may have to file Chapter 13 instead.

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14y ago

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.

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15y ago

No, but if the debts are mostly joint, it will be a good idea.

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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.


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.


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.


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.


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 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.


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.