If I were to file for personal bankruptcy would my spouse be penalized? For instance, would he have to sell his car or pay some of the debt?
Impact on Spouse
Posted on Wednesday, October 11, 2006
posted by Questions @ 10:26 am
1 Expert Comment:
At October 11, 2006 |
10:34 am
, Barton Goth, GCO Inc. Bankruptcy Trustees Said...
In most cases, your spouse will not be impacted if you file bankruptcy. If you go bankrupt, your debts are discharged and your spouse is NOT responsible for your debts as long as they haven’t signed as a guarantor or joint borrower.
The only time a bill collector can pursue your spouse for your debt is if your spouse has co-signed or guaranteed your debt. If you have no joint debts, one spouse’s bankruptcy will not effect the other spouse’s credit rating
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