Could my wife be affected if i file bankruptcy?

Question

We don't share any credit card and checking accounts, and the propety doesn't has my name on it.

Answer 1

The only way it would effect your Wife is if you have loans that are joinly signed.

As long as everything is seperate, there will be no effect on your Wife as long as you do not live in a community property State of which there are only a few; Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington & Wisconsin.

Answer 2

Generally, both husband and wife do not have to file bankruptcy jointly. Both husband and wife should file, however, if one or more substantial dischargeable debts are owed by both spouses. If both spouses are liable for a substantial debt and only one spouse files under Chapter 7, the creditor may later attempt to collect the debt from the non-filing spouse, even if he or she has no income or assets.

Answer 3

OK...1st of all if none of the property has your name on it what will you do about the house and the cars? I am assuming your spouses name is on them...something to think about.

OK this is a list of community property states, if you live in one of these states his creditors can come after you because in these states 1/2 of your income is his and they can come after it:

Arizona
California
Idaho
Louisiana
Nevada
New Mexico
Texas
Washington
Wisconsin

Now if you don't live in one of these states your credit and income will not be directly affected, but it may be indirectly affected.

Because he will have bad credit and you good will he expect you to provide him with credit cards? If he defaults on those cards it would affect you negativly (not saying he does or would, just considerations to make). When it comes time to buy a house or a car, if his name is on it with a bad credit score he would probably need you to cosign...this in and of itself would not bring down your credit score, but the more items you have in your name the more your debt to income ratio is affected and that inturn would affect your credit worthieness. So you need to watch that kind of thing. The biggie will be when you are ready to buy a house. If his credit is poor it could affect your interest rate, especially if you need him on the mortgage to buy the house (ie because of DTI).

Good Luck :)

Answer 4

Unfortunately yes. Before filing for bankruptcy you should try and see if you can workout a plan with the company you have financial obligations with. Bankruptcy is a 10 year mistake. There is a website (http://www.your-credit-solution.com ) that provides solutions to help you avoid bankruptcy. These solutions cost less than $90. You should check them out before filing.

Good Luck!

Answer 5

Although it will affect her in some ways, it shouldn't impact her credit score, unless you live in a community property state. Most states are NOT community property.

Answer 6

you could document financial ruin by means of your self, and not comprise your spouse as a co-debtor, even nevertheless you're married. Will your financial ruin submitting impact your spouse? That relies upon. as long as she isn't a 'co-signer' or an 'approved consumer' on any of your expenses, then your financial ruin submitting shouldn't seem on her credit document. If she is a 'co-signer' or an 'approved consumer' on any of your expenses, then there is the possibility that your financial ruin submitting could seem on her credit document. you're able to see a lawyer for extra techniques. sturdy success...!

Answer 7

If you are married and you file for bankruptcy that will show up on your wife's credit too. It doesn't matter if you don't have joint accounts. When you are married you have shared responsibility. I know because my dad filed for bankruptcy and my mom is still effected by it today.

Answer 8

Doesn't matter. If you are legally married, all of your debts and all filings of bankruptcy are shared. If you are married, you file jointly on your tax returns, so that means your debts are her debts, and hers are yours. It will drop both of your credit scores, and hurt any chances for future loans, mortgages, credit cards, or any other kind of lending. A bankruptcy is a terrible curse. I am sorry for your troubles, and I hope that you can settle them safely and easily. Have you tried a debt consolidation service??

Answer 9

Do you live in a community property state? If so, yes.

Answer 10

I would believe so. But I am not completely sure. Check this site, it will give a more accurate response.

http://articles.directorym.com/Bankruptcy-a939.html

Hope it helps.