I'm not a lawyer and I can't give you anything close to a definitive answer, but I do know that your credit rating will be affected if your spouse includes a joint debt in her bankruptcy. That is, if you owe back taxes or have a joint loan and this debt is included in the filing it will end up included in your credit record as well as hers.
AnswerYes, It can affect your spouses credit, I filed chapter 13, My wife cosined a lone for a motorcycle for me. I filed 13, she did not, but somehow it shows up on her creidit report. AnswerThat is because as a co-signor, you are guaranteeing the repayment of the loan. Therefore, when a principal debtor defaults on a loan, the same negative nonpayments are reported to U.S. Credit reporting aggencies against a principal debtor AS WELL AS the 0guarantor (i.e., co-signor of a loan). In other words, DO NOT CO-SIGN A LOAN UNLESS YOU KNOW FOR A FACT YOU CAN REPAY THE ENTIRE AMOUNT YOURSELF WHEN YOUR FRIEND OR LOVED ONE BECOMES A DEADBEAT, OR DO NOT CO-SIGN A LOAN--PERIOD. Answer By MinaziUnless your husband or wife does not involve himself/herself in the matter, He/ She is safe. Your bankruptcy can not affect your spouse in any way. But in community properties, your spouse can be liable with you although your spouse did not even sign any document.If you have co-signed and the primary borrower has defaulted, you will need to step up and pay. If not then it will hurt your credit rating.
How could it NOT hurt your credit rating? I'd say that you could easily slide 200 points having an RV repo on your record, and it could take years to recover from it.
It can, just because there are a lot of credit lines open, and so your potential debt is higher. If you really aren't using a credit card, it is better to cancel it. However, in terms of things that hurt your credit rating, having an inactive card is relatively low.
Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.
NO! Not if you have paid the credit off before you get another one. Or if you are paying one credit card off with another, you can only do that so much befor it will hurt your cerdit.
If you have co-signed and the primary borrower has defaulted, you will need to step up and pay. If not then it will hurt your credit rating.
Any foreclosure or bankruptcy affects your credit. And for anywhere from 7 -10 years.
Yes. But not as much as if the husband did the bankruptcy.
the only way bankruptcy can hurt you if that job check your credit. if i was you i won't bring it up unless your asked.
How could it NOT hurt your credit rating? I'd say that you could easily slide 200 points having an RV repo on your record, and it could take years to recover from it.
It can, just because there are a lot of credit lines open, and so your potential debt is higher. If you really aren't using a credit card, it is better to cancel it. However, in terms of things that hurt your credit rating, having an inactive card is relatively low.
Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.
NO! Not if you have paid the credit off before you get another one. Or if you are paying one credit card off with another, you can only do that so much befor it will hurt your cerdit.
No, your credit will be fine.
Anytime you default on a loan, it will hurt your credit. If there is no public record that you owe the money, it will not hurt you publicly.
VERY much so, not to mention your relationship with the co-signor.
No, you're using your own money.