If I was thinking of looking into filling bankruptcy, will that effect my spouse’s credit?

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If I was thinking of looking into filling bankruptcy, will that effect my spouse’s credit?

Asked on September 23, 2013 under Bankruptcy Law, Minnesota

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

The answer depends upon whether you have co-mingled your debt with your spouse.  If you have joint liabilities, you will will be discharged but your spouse will still be liable for the payments.  If they are a joint account, a negative connotation may appear on the spouses credit report.  However, that can be overcome by timely payments and a letter of explanation.

A question which comes to mind, however, is whether your schedules are properly prepared?  You must list all HOUSEHOLD income on form 22, Means test.  You can isolate your spouses income, but you walk a slippery path in attempting to do so without a lawyer.  I would suggest getting local legal advice.

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

The answer depends upon whether you have co-mingled your debt with your spouse.  If you have joint liabilities, you will will be discharged but your spouse will still be liable for the payments.  If they are a joint account, a negative connotation may appear on the spouses credit report.  However, that can be overcome by timely payments and a letter of explanation.

A question which comes to mind, however, is whether your schedules are properly prepared?  You must list all HOUSEHOLD income on form 22, Means test.  You can isolate your spouses income, but you walk a slippery path in attempting to do so without a lawyer.  I would suggest getting local legal advice.


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