Can my ex husband bankruptcy affect me?

In terms of your credit score, an ex’s bankruptcy should have little to no effect. Scores are individual even with joint or cosigned debt obligations. The risk to your score could increase if you are held responsible for more debt than originally decided and you struggle to make payments.

What happens if an ex spouse files for bankruptcy?

Even though alimony is not dischargeable, this doesn’t mean you will continue to receive the same amount you did before your ex filed for bankruptcy. In most states, alimony obligations can be modified if the ex-spouse submits a request to the bankruptcy court.

What happens to a husband’s credit when he files for bankruptcy?

When filing for bankruptcy, the bankruptcy filing will appear on the husband’s credit, but would not appear on the wife’s credit and there would be no adverse rating on her credit score because of the bankruptcy.

Can a single spouse file bankruptcy for joint debts?

However, in states, that follow community property law, then a single spouse bankruptcy for joint debts may be advantageous, in some situations. How Will Filing Bankruptcy Affect My Spouse? If a husband files bankruptcy without his wife, then only the husband’s debts are discharged in bankruptcy and the wife’s debts are still unaffected.

Who are the creditors in a chapter 13 bankruptcy?

Generally, divorcees are on the top of the list of creditors – meaning you get paid first. Chapter 13 bankruptcy allows the debtor to create a repayment plan. However, some debts from divorce proceedings are eligible for discharge.

What happens if a husband files bankruptcy without his wife?

If a husband files bankruptcy without his wife, then only the husband’s debts are discharged in bankruptcy and the wife’s debts are still unaffected. If the debts are held jointly, then the non-filing wife will still owe even after one spouse has filed bankruptcy.

What happens to your credit if your ex spouse files for bankruptcy?

Joint or Cosigned Credit Obligations. If your ex-spouse files for bankruptcy, you will be responsible for the debt if you are a joint owner or cosigner. The lender can require you, as a joint owner or cosigner, to make payments on a loan if your ex-spouse declares bankruptcy on the credit.

However, in states, that follow community property law, then a single spouse bankruptcy for joint debts may be advantageous, in some situations. How Will Filing Bankruptcy Affect My Spouse? If a husband files bankruptcy without his wife, then only the husband’s debts are discharged in bankruptcy and the wife’s debts are still unaffected.

Can a creditor go after a spouse in Chapter 7 bankruptcy?

Under Chapter 7 bankruptcy, when a spouse’s debts are wiped clean, the creditor can go after the other spouse. However, a major advantage of Chapter 13 bankruptcy, where the debtor plans to repay her debts, is that the creditor will leave the co-debtor alone, as long as bankruptcy plan payments are timely deposited. Are There Any Exceptions?