My spouce added my name to her credit cards as a co-signer and now she is filing bankruptcy. She is including the cards in the filing. If the debt is discharged will I still be responsible for the debt as a co-signer?
2007-02-07 12:45:54 · 8 answers · asked by Doctor Config 1 in Business & Finance ➔ Personal Finance
you're just as responsible for the debt as she is. what i did before i went bankrupt, i paid off the one card that my spouse and i shared jointly and cancelled it in advance. i recommend you do the same and do not include your name in her bankruptcy!!!
2007-02-07 12:54:11 · answer #1 · answered by Nicky 2 · 0⤊ 0⤋
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RE If my spouce files for bankruptcy, will the discharge of her debt remove my financial responsibility?
My spouce added my name to her credit cards as a co-signer and now she is filing bankruptcy. She is including the cards in the filing. If the debt is discharged will I still be responsible for the debt as a co-signer?
2014-10-03 13:25:34 · answer #2 · answered by ? 1 · 0⤊ 0⤋
Your spouse will no longer be responsible for the debt once it is discharged. Unfortunately, you will still be responsible for that debt if you are on the account as co-signer/co-applicant. You are most likely listed as "co-debtor" for that account in your spouse's schedule H. Check to make sure. If you want to keep the card open, contact the credit card company and let them know. Now, if you're just an "Authorized User" you will not be responsible for the debt whether he files or not. If you have any other concerns, you should contact an attorney in your area. You may also contact your spouse's attorney with your spouse to discuss this further.
2007-02-08 19:34:12 · answer #3 · answered by scboi23on24 2 · 0⤊ 0⤋
You definetly want to keep one of your credit histories as clean as possible for future loan purposes. I don't know, if you have a home but you may need to refinance or do somjething else later that requires decent credit scores. Did you qualify for bankruptcy yet? Ch 7 or Ch 13?
2007-02-07 21:35:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes, you're still responsible. Your debt is not wiped clean because hers is. It may be removed from her credit but not yours. Contact a lawyer to find out for sure but I've heard of this happening.
2007-02-07 21:15:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
In community property states, the marital community generally receives the benefit of the discharge even if both spouses do not file.
2007-02-08 08:20:48 · answer #6 · answered by Carl 7 · 0⤊ 0⤋
Try the site below for research on this issue. Make sure to change the State/Location in which you live. Hope this helps.
2007-02-07 20:50:28 · answer #7 · answered by citronge69 4 · 0⤊ 0⤋
No it will not remove your responsibility, just hers.
2007-02-08 12:09:27 · answer #8 · answered by Fun N Sun 4 · 0⤊ 0⤋