Will filing for Chapter 7 bankruptcy affect my spouse?
When one spouse files for Chapter 7 bankruptcy, the other spouse’s credit may be affected. If the couple has joint debts, both spouses will be responsible for repaying those debts. Filing for bankruptcy may also affect the non-filing spouse’s ability to get credit in the future.
If you and your spouse are considering filing for bankruptcy, it’s important to understand how it will affect both of you. Here’s what you need to know about how Chapter 7 bankruptcy will impact your spouse.
Your spouse’s credit may be affected.
If you file for Chapter 7 bankruptcy, your spouse’s credit report will likely be impacted. This is because when you file for bankruptcy, your creditors will report the unpaid debt to the credit bureaus.
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