QUESTION
If opened up a joint credit card account with my mother, she maxed out the card and now wants to claim bankruptcy, will the charges go straight to me?
Asked on Jan 17th, 2017 on Bankruptcy - California
More details to this question:
I opened up a joint credit card account with my mother about 12 years ago. I do not have access to this account and have not used it in about 10 years. She maxed out the card and now wants to claim bankruptcy. What can I do to remove my name from said account or fight the charges if they do come to me?
10 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Since you signed the credit card agreement, you'll liable for the debt on the card even though you haven't used the card personally in over 10 years. If your mother files bankruptcy, the card issuer will come after you for the full amount due because your mother will be discharged of her liability.
Answered on Mar 20th, 2017 at 8:25 AM
Bad news I am afraid! The time to have dealt with this is now long elapsed. The creditor has absolutely no incentive to remove your name from this debt or release you from being obligated to pay for it. A debt settlement attorney may be able to minimize the damage done to you, but this is an excellent example of why lawyers tell clients to never ever open a joint credit account.
Answered on Mar 16th, 2017 at 9:11 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Probably.
Answered on Mar 16th, 2017 at 6:33 AM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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Yes, you will be on the hook for the charges as long as you are a co-borrower.
Answered on Mar 16th, 2017 at 6:33 AM
Yes, if you are a joint signor on a credit card account and the other signor files bankruptcy you remain liable for that debt. The only way you can be removed as a signor would be for the credit card company to agree to release you from liability, and it is very unlikely that will happen.
Answered on Mar 16th, 2017 at 6:32 AM
Pay a lawyer for one hour of their time. You don't have a lot of options. I had a similar case years ago, and resolved it. But the facts were very unique. I don't know much about your situation, so I can't hazard a guess at this point.
Answered on Mar 16th, 2017 at 6:28 AM
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You are liable for all the charges. You would have had to take your name off the care before the charges to not be liable.
Answered on Mar 16th, 2017 at 6:27 AM
Yes, they will now come after you as the co signor so either pay it or also file bankruptcy.
Answered on Mar 16th, 2017 at 6:27 AM
You're on the card so those are your debts.
Answered on Mar 16th, 2017 at 6:25 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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First things first: consult an experienced bankruptcy lawyer in your locality. If your mother files under Ch. 13, and in her Ch. 13 Plan agrees to pay the co-signed debt in full, then you are safe from that creditor (so long, of course, as your debtor makes the payments to the Ch. 13 Trustee). If she files under Ch. 7, then the creditor is free to try to collect from you. You conceivably could argue that you received no benefit from the card in 10 years and so should not be liable on it-but the Judges I know would not likely accept that argument. I think your mother has a moral, if not a legal, obligation to pay that particular debt in full. She can enter into a 'reaffirmation' with the creditor.
Answered on Mar 16th, 2017 at 6:25 AM