Joint debt

Usually, the term joint debt refers to debts owed by both husband and wife in a joint bankruptcy petition.

Frequently Asked Questions

Our frequently asked questions also address Joint debt:

Why does joint debt matter?

One item of information we need about each of your debts is whether anyone else signed for or is otherwise responsible for a debt. This information needs to be disclosed in the bankruptcy petition. As a matter of bankruptcy planning, a determination must be made about what is likely to happen to the co-obligor once you file, and whether such is a cause for concern to the debtor.

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Blog Posts

We have discussed Joint debt in the following posts on our bankruptcy blog:

Joint Credit Cards - A Bad Idea

Oct 18, 2011

Adding to our recent post about the strength of tenancy by the entirety for owning martial property in North Carolina, I wanted to comment further about voluntary joint debts of spouses. Real estate, such as houses, owned by spouses as a tenancy by the entirety cannot be attached to and sold by a creditor of only one spouse to satisfy unpaid debt of that spouse.

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Spouses Without Income, The CARD Act, and Bankruptcy

Dec 13, 2011

Non-working spouses and others without their own source of income are finding new difficultly when applying to open credit card accounts. This difficultly arises from regulatory amendments that went into effect on October 1, 2011 as a result of the recent CARD Act, requiring only independent ability to pay be considered in credit card applications. The change will likely have consequences in bankruptcy cases down the road, some positive and some negative.

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