how bankruptcy affects spouse
Can a spouse’s bankruptcy affect the other spouse’s credit?
For instance, if the husband is unable to pay a car loan and has bad credit, and a very bad credit balance, does this affect how the wife will be able to apply for loans (or vice-versa). Or, does the wife have to pay back the loan?
I’ve heard of this being the case before, and I was wondering if it’s actually true.
If its a joint debt then the creditor can go after either party. If only one spouse signed the note and no where on the note is the spouse signature then only the one party is responsible. In bankruptcy one spouse can file bankruptcy. The only time that it effects the other is if there is a joint debt then the creditor can and will go after the other for payment.
