How Does Bankruptcy Affect My Ex-Spouse’s Credit If We Had Joint Accounts?

A bankruptcy discharge will always have a negative impact on a joint debtor, even if the joint debtor does not file for bankruptcy protection themselves. Their credit report will be updated to reflect that the joint debtor filed for bankruptcy and, even though their liability on the debt remains, the reporting is seen as negative and will affect their credit. This can be somewhat obviated in a Chapter 7 if the filing party agrees to reaffirm the debt and continue to pay it in order to protect the codebtor. In Chapter 13, the filing party may be able to treat the joint debts better than other creditors, ensuring that they are paid when others are not, in order to protect the non-filing joint debtor. In both of these cases, however, there will still be some negative impact that occurs upon the filing of the bankruptcy.

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