Tuesday, March 01, 2016

How will my bankruptcy affect my spouse’s credit?


Your spouse’s credit may not be affected by filing a bankruptcy unless you owe money jointly with your spouse or your spouse has not benefited from a loan or credit card; as Guam governs under a community property and community debt law.
 
Furthermore, if you and your spouse jointly owe a debt that remains current, your spouse’s credit may not be impacted.
 
Understanding Joint Debt
 
Often, clients are unsure whether they have any joint spousal debt. The key is whether both spouses agreed to be liable. A person is liable for a debt only if he signs an obligation such as a revolving credit card application or a financing agreement.
 
The possible impact a bankruptcy would have on a joint debtor is one of the many factors in determining the best course of action. An experienced bankruptcy lawyer, such as Attorney Mark Williams can analyze the “big picture,” and help guide a debtor through such financial considerations.

Check out more valuable information about Guam's Laws and working with Mark Williams, Guam's Best Lawyer, on Dededo Law Office's website, www.GuamLegal.com.

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