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Will Filing for Bankruptcy in Northern Kentucky Affect Your Spouse’s Credit?

bankruptcyIn Northern Kentucky, if you choose to file for bankruptcy without including your spouse, your spouse’s social security number will not appear on the bankruptcy. As a result, there will be no effect on your spouse’s credit.  Bear in mind that whichever spouse chooses not to file will not have any of their debts affected.  Co-signed debts, such as a credit card in both spouse’s names, will still be the responsibility of the non-filing spouse to pay. Often times, it is in both parties best interest to file together if the couple has co-signed debts. Therefore, it is within your best interest to contact an experienced Northern Kentucky bankruptcy attorney who can advise you and your spouse of the best option.

When Only One Spouse Files for Bankruptcy

If only one spouse chooses to file, the credit of the non-filing spouse should remain unaffected. Each person has a separate credit file for credit reporting purposes. Your debts, if the debts are truly yours alone, are not supposed to show in your spouse’s credit report. Similarly, your bankruptcy should not show in your spouse’s file if you have no joint debts.

Applying for Loans Jointly

While the bankruptcy of one spouse should not affect the credit of the non-filing spouse, the bankruptcy of one spouse will have some effect on the credit worthiness of the non-filing spouse if they apply jointly in the future for a loan. The loan grantor will likely consider the credit rating of both applicants in making a lending decision.

Lawrence & Associates can help Kenton County residents, as well as other Northern Kentucky couples, file bankruptcy as a couple or file for one spouse alone.

If you or someone you know need(s) to file bankruptcy, contact Lawrence & Associates today!

Contact Us (859.371.5997) for a Free Consultation