Quick response: For those who have credit reports simply in your name, along with your partner has credit simply inside their title, and just certainly one of you has monetary issues, it is a straightforward choice that only one that has economic issues should register bankruptcy.
Simply because you may be hitched does NOT “merge” your credit files. If you make an application for credit together, yes, both your files are proven to the creditor pulling the credit. Nevertheless the only thing that causes you both to suffer credit-wise whenever just one partner has economic issues, is when you’ve got joint credit reports.
Several times, individuals are available to generally meet with your solicitors and just one partner desires to file bankruptcy in order to buy a house or something else in the future that they can “keep the other spouse’s credit” so. Well, that is fine if all the debts which is placed in the bankruptcy come in the spouse-to-file’s title.
However, if individuals have been hitched quite a while, it really is typical they own a number of “joint” reports, by which these are typically both equally liable. And it is perhaps maybe not just an idea that is good just one partner to possess credit, period.