My son paid off and closed the credit card account he shared with me right before I filed for chapter 7 bankruptcy. I went and filed just a few days after we closed it. Fast forward several months later and on my son's credit report there appears a comment about my bankruptcy. The account shows as closed but it also says something along the lines of 'Co-debtor on this account filed bankruptcy' (I don't know the exact phrase). Why would the bank need to post this comment if the account was already closed? Should we have waited longer after closing the account before I filed bankruptcy? And is there anyway to remove the comment? He needs to finance a car and apply for a mortgage and doesn't want any bankruptcy-related comment on his report. Thank you!
Although he is free to dispute the comment, the reality is that the comment does not affect his credit score and won't affect his ability to obtain financing for a car or a home.
Hope this perspective helps!
I agree that you should have him dispute the comment but since it is true and verifiable I suspect they will not remove it. It is also probably true that his credit will not be affected by your bankruptcy. The comment is there to show that co-debtor (you) are bankrupt and your son is therefore solely responsible for the debt.
Credit Repair Attorney
The comment may have no impact on his score and his ability to finance a vehicle.