If my husband's company goes bankrupt, will it affect my credit score? 14 Answers as of June 19, 2013

I have access to some of my husbands business accounts and he has recently informed me that his business might be going under. If he ends up filing for bankruptcy, will my name be attached to the file in any way?

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That depends on whether you are a just an "authorized user" of the cards or if you actually signed the credit application. If you are just an authorized user there should be no problem.
Answer Applies to: California
Replied: 10/5/2011
Grace Law Offices of John F Geraghty Jr.
Grace Law Offices of John F Geraghty Jr. | John F. Geraghty, Jr.
It depends on if you are a signor on any business accounts. It depends on what type of legal corporate structure of the corporation and if you are an owner. If the answers to all are NO then you have nothing to worry about.
Answer Applies to: Georgia
Replied: 10/4/2011
Attorney at Law
Attorney at Law | Douglas W. Harold, Jr.
If you don't have any joint debts with your husband, his bankruptcy shouldn't hurt your credit. However, if you have a house mortgage or a car loan together with your husband, his bankruptcy will very possibly hurt your credit score unless he reaffirms those debts.
Answer Applies to: Virginia
Replied: 10/4/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
If you do not file a bankruptcy it will not show up on your credit report. If it does show up you can have it removed.
Answer Applies to: California
Replied: 10/4/2011
Heupel Law
Heupel Law | Kevin Heupel
The only way you'll be affected by your husband's business debt is if you signed a personal guarantee for those business debts. If so, then yes, you'll be affected in that you'll be required to pay the debt. However, if you have not signed a personal guarantee of his debts, then you are fine.
Answer Applies to: Colorado
Replied: 10/3/2011
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If you are a co-signor on his credit cards or in some cases an authorized user, then you will be responsible for the debt even after he is relieved of the debt liability in the bankruptcy.
    Answer Applies to: New York
    Replied: 9/30/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Yes, it can. This depends a great deal on how you are "attached." Meet with a lawyer asap.
    Answer Applies to: Georgia
    Replied: 9/30/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    A business' bankruptcy does not affect the credit of someone else.
    Answer Applies to: Indiana
    Replied: 9/30/2011
    North Sound Law, PS
    North Sound Law, PS | Spencer Bergstedt
    It depends. If the company is a sole proprietorship then the debt likely extends to the two of you personally. If the company is a LLC or corporation and any of the debt was personally guaranteed (which is very common for small businesses) then filing business bankruptcy will trigger creditors seeking payment from you and your husband personally. The best thing to do is consult with an attorney to go over the whole financial picture for you and make recommendations accordingly.
    Answer Applies to: Washington
    Replied: 9/30/2011
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Yes if you signed for the credit and no if you did not.
    Answer Applies to: New York
    Replied: 6/3/2013
    Ross Smith, Attorney at Law
    Ross Smith, Attorney at Law | Charles Ross Smith III
    If your husband's business is incorporated, it's bankruptcy will have no effect on you. However, corporations rarely file bankruptcies. They are usually dissolved under state laws. Your husband may have to file a personal bankruptcy if he signed for personal liability for the corporation's debts and also for certain tax debts. Wives are not required to file bankruptcy with their spouse. But ii s often wise and cheaper to do so. If your spouse files alone, it should not affect your credit. But you will need to check your credit about 60 days after hee is discharged anyway. Often the crdit reporting agencies simply assume that the spouse also filed and erroneouslty report a false filing. So check to be sure. Also get some good legal advice on whether to join your spouse if he should have to file personaly. Good luck.
    Answer Applies to: Ohio
    Replied: 9/30/2011
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