Will Filing for Chapter 7 Bankruptcy Affect My Spouse?
People facing financial difficulty must consider how filing for bankruptcy protection will affect a variety of areas and people in his or her life. For married debtors, the impact of a bankruptcy filing on one’s spouse is often a matter of particular concern. Bankruptcy only affects someone’s spouse if he or she is also liable for the debt because he or she cosigned on a loan or credit card. In this case, both husband and wife are responsible for paying back the loan and both spouses’ credit scores can be negatively affected.
Facing financial difficulty can be very stressful. You may feel you have no one to turn to as the stacks of bills keep piling up. Remember you are not alone in this time. Let a qualified Arizona bankruptcy attorney of the Harmon Law Office, LLC, help you to explore the possible benefits of a bankruptcy filing so that you can gain a fresh start. Contact us today at 480-829-0494.
Chapter 7 and Your Spouse
Creditors often use different tactics to intimidate debtors into making payments that they may not be able to realistically manage. In some cases, they may threaten to target one’s spouse. They cannot, however, hold a debtor’s spouse liable for any debt unless it is jointly held. However, even if one spouse is solely responsible for all debts, bankruptcy may indirectly affect both partners because he or she who files for bankruptcy may not qualify to co-sign on any jointly sought loans or credit in the future.
Bankruptcy can also affect your spouse if he or she has a supplemental credit card with his or her name on it. Supplemental credit cards are additional cards on the account and if your spouse uses the card with his or her name on it, he or she can be liable for that debt.
Contact Us
Do not hesitate to seek confidential and competent legal advice if you are worried about how your personal debt might bear upon your spouse’s credit situation. Contact the Arizona bankruptcy attorney of the Harmon Law Office, LLC, at 480-829-0494 today.