QUESTION
Can he file bankruptcy and does it in any way affect my credit or the loans?
Asked on Dec 27th, 2012 on Bankruptcy - Florida
More details to this question:
I have mortgage and car loans that are joint accounts with a previous spouse. I am in possession of both the home and the car and have maintained and will continue current payments. He wants to file a personal bankruptcy to remove his liability for repayment.
12 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
You will find that his bankruptcy will show up on most joint debts. You can file an explanation with the credit reporting bureaus. But, be careful about the joint debts - they may also be your obligation.
Answered on Jan 04th, 2013 at 5:08 PM
Business Bankruptcy Attorney serving Raleigh, NC
at
J.M. Cook, P.A.
Update Your Profile
As long as you continue to keep your repayment current, it should not affect your credit.
Answered on Jan 04th, 2013 at 4:38 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Yes, his bankruptcy can cause you issues due to joint loans.
Answered on Jan 04th, 2013 at 4:38 PM
Family Law Attorney serving Hackensack, NJ
at
The Law Offices of Stuart Jon Bierman
Update Your Profile
I think that if your ex-spouse files for bankruptcy it will not effect you as long as the loan payments continue to be made in a timely manner. Seems to me that the banks should not have any problems with you as long as they are getting their money on time and thus are not incurring any losses or damages.
Answered on Jan 04th, 2013 at 4:37 PM
If someone qualifies to file bankruptcy, it is their decision to make, not yours. Should your ex spouse file, it would remove his personal responsibility to pay these debts. If you intend to retain the car & the home, you will just need to continue to pay for these loans. It is unlikely that his bankruptcy would affect your credit, but mistakes do sometimes happen, so monitor your credit carefully for the next year. If his bankruptcy migrates on to your credit, you should dispute this misinformation right away.
Answered on Jan 04th, 2013 at 4:34 PM
Tax Problem Resolution Attorney serving Lake Oswego, OR
at
THE WUHRMAN LAW FIRM
Update Your Profile
Your ex can file bankruptcy, and it SHOULDN'T affect your credit or any of your loans because you're not filing with him. Unfortunately, I have to say SHOULDN'T because many times I've seen where a bank will go ahead and mark your accounts as being in bankruptcy, and they end up reporting them that way on your credit. You can then challenge those entries on your credit, but it is, in truth, a pain.
Answered on Jan 04th, 2013 at 4:34 PM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
He has a right to file a bankruptcy. If you are making regular payments on the debts allocated to you in the divorce, your credit should not be affected. I say 'should' not be affected, because sometimes the people who read and evaluate credit reports may not have enough discernment to see that you have been divorced from him for some years. Often you can straighten that out by a polite telephone call. If he was allocated debts in the divorce, they might not be dis chargeable in the bankruptcy anyway although he may not realize that.
Answered on Jan 04th, 2013 at 4:33 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
at
Love and Dillenbeck Law
Update Your Profile
His bankruptcy cannot affect your credit score if you continue to make payment. His filing may make the creditor not actively take payments with you, so you may have to discuss with them the best ways to keep making payments.
Answered on Jan 04th, 2013 at 4:33 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
In NJ; he can legally do it. Should not effect you if you are current.
Answered on Jan 04th, 2013 at 4:32 PM
Richard hirsh
The bankruptcy filing of your ex-spouse should not affect your credit. And on the loans, as a practical matter if you keep making payments I doubt that those lenders would take any action. Technically however, the loan agreements could provide that his bankruptcy is an event of default which triggers some additional remedies for the lender. But without reading the documents I cannot know that. In today's economy most lenders are happy to have a performing loan.
Answered on Jan 04th, 2013 at 4:32 PM
Daniel James Wilson
If you continue payments you can keep the house and car. You should try to get him off the titles.
Answered on Jan 04th, 2013 at 4:31 PM
Bankruptcy Attorney serving Plantation, FL
at
Moffa & Breuer, PLLC
Update Your Profile
It shouldn't affect you, but check your credit report afterwards to ensure accurate reporting.
Answered on Jan 04th, 2013 at 2:06 PM