Posted on: 08th Jun, 2006 04:19 pm
My wife is a co-signor with me on the loan? Does it affect her credit rating if I file bankruptcy?
In case of joint debts, if one spouse files bankruptcy that definitely affects the credit rating of the other spouse.
Hi Rigirl,
It will hurt her credit rating. My husband had co-signed on a loan with me. When I filed chapter13 we found that it shows up in his credit report too.
It will hurt her credit rating. My husband had co-signed on a loan with me. When I filed chapter13 we found that it shows up in his credit report too.
Hi,
As a co-signer your wife has guaranteed the repayment of the loan. So, when you default on the loan or file a bankruptcy the same negative repayments are reported to the credit reporting agencies against both the spouses.
Hope that helps.
James
As a co-signer your wife has guaranteed the repayment of the loan. So, when you default on the loan or file a bankruptcy the same negative repayments are reported to the credit reporting agencies against both the spouses.
Hope that helps.
James