Does bankruptcy affect my spouse’s credit score?

credit scoreAre you considering filing for bankruptcy but wonder how it will affect your spouse’s FICO credit score?

This article answers this crucial question and tells you how an attorney can help you with your bankruptcy.

The type of bankruptcy you choose will determine how long it will appear on your credit report. For instance, Chapter 7 will remain on your credit report for ten years, serving as a warning to potential lenders about your ability to pay your debts. If this sounds overwhelming, consider consulting with bankruptcy attorney West Jordan.

Does bankruptcy affect my spouse?

When filing for bankruptcy, it’s always advisable to consider how it may affect your spouse. If you are married and decide to file for bankruptcy individually, your bankruptcy will appear on your credit score, not your spouse’s credit report. Still, your bankruptcy may affect your spouse, especially if you choose to purchase a home jointly. In this case, your bankruptcy will affect your spouse’s credit. And if you decide to take a mortgage together may be difficult for you to obtain a bond. However, if you by any chance a bank decided to give you a home loan, you will pay more interest than someone who has never filed for bankruptcy. But you can seek the services of Alta Legal and get legal advice on filing bankruptcy without affecting your spouses’ credit history.

Filing for bankruptcy without affecting your spouse

The good news is it is legally permissible to file for bankruptcy without affecting your spouse.  Bankruptcy attorney West Jordan Utah has assisted the spouses in filing for bankruptcy separately for years.

Some of the reasons that may make you file for bankruptcy separately include:

Before filing, it is always advisable to consult with a West Jordan bankruptcy attorney. They understand all the nuances of the rules and laws.

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