banking services chronicle Spouses are legally
unaffected by a debtors bankruptcy if they are not responsible (did not sign an
agreement or contract) for any of the debt. If they have a supplemental credit
card they are probably responsible for that debt. However, in community
property states, either spouse can contract for a debt without the other
spouses signature on anything, and the spouse will still be obligated to pay.
There are some exceptions to this rule, such as the purchase or sale of real
estate; those few exceptions do require the signature of both spouses on the
contract for both to be liable. banking services chronicle magazine online purchase But mundane purchases, such as credit cards,
do not require both spouses to have signed. Community property states are:
Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington
and Wisconsin. Declaring bankruptcy does
not mean that an individuals subsequent access to credit is cut off. Whether a
debtor is allowed to keep credit cards after filing bankruptcy is up to the
credit card company. If the bankruptcy involves discharging a credit card, the
card company will cancel the card unless the debtor reaffirms the debt. Even if
the card has a zero balance the credit card company might still cancel the card
banking services chronicle magazine.
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