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If I file chapter 7 for all credit card debts, my family members in the same house affect bad credit scores?

San Diego, CA |

My friend told me that if I live in the same home with family members and have a lot of debts on credit cards and file chapter 7 bankruptcy, will affect my family members credit scores, is it true?

Attorney Answers 5

Posted

Your family members' scores should not be affected by your filing bankruptcy.

If one of your family members is a co-signer on one of your accounts, their credit score might be impacted by your failure to pay on that debt.

I am in San Diego and would be glad to answer any other questions you might have. Please call if I can help.

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Posted

No, it shouldn't.

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Posted

This is just an urban myth. Credit reports are created by social security numbers, not by address or last name.

Hope this perspective helps!

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Posted

No.

Only if the family member was a co-debtor will they be affected. That means that you and the other family member have joint liability as co-signers. You would get a discharge of the debt, but not them.

BW

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Posted

Generally, no your family members should not be affected by your filing bankruptcy, unless they are a joint-debtor (co-signor) on one of your debts, than it may negatively affect their credit report.

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