When you decide to declare bankruptcy, there are many issues to consider. If you have a co-signer or joint account holder on any of your accounts, your bankruptcy can have a negative impact on that person's credit score and report, and he or she still may be held liable for the debt on your joint account, even if you no longer are.
Bankruptcy and Its Effect on Credit Card Co-Signers in Gardena
There are steps you can take to ensure that your bankruptcy does not negatively impact a loved one who is a co-debtor with you. If your account is a credit card and you are the primary holder, request that the family member be taken off the account. If you are the secondary account holder, ask your family member to remove you from the account. As with any bankruptcy, it is highly advisable to speak with a qualified lawyer who can help you understand your options with co-signers and other debt issues.
Bankruptcy Law and Your Spouse
Many clients also wonder about declaring individual bankruptcy when they are married. It is possible for one spouse to file for bankruptcy and not the other. However, there are many considerations to take into account such as joint debt. When you come to my law office for your initial consultation, I can explain what implications, if any, your bankruptcy would have on your spouse.
Seal Beach Attorney on Bankruptcy/Co-Debtor Information
The Law Offices of Cynthia Gibson provides legal advice and representation for bankruptcy clients in Gardena, Pasadena and Seal Beach, California, and communities throughout Los Angeles County, Orange County, South Bay, San Gabriel Valley and Southern California. Contact attorney Cynthia Gibson for comprehensive bankruptcy services and to schedule a free initial consultation. Our Gardena office is located just off of highways 110 and 405. Our Seal Beach office can be found at the crossing of highways 405, 22 and 605.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.