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.
Tenancy by the entirety
A form of joint ownership of property by spouses. Neither spouse may sell the property or encumber it with liens, and the surviving spouse automatically gains the deceased spouse's share of the property. Creditors of only one spouse cannot satisfy their debts from property owned as tenants by the entireties.