Sentences with phrase «joint credit card debt»

In all jurisdictions, joint credit card debt is jointly owned.

Not exact matches

However, anyone that cosigned a loan, is a joint credit card account holder or that wants to retain certain property may be held liable for your debt.

The only time the spouse would be responsible for the debt on a credit card is if they had a joint credit card agreement.

So, okay fine I've got this $ 5,000 joint credit card that they helped me get 10 years ago and their name's still on it, so before I go bankrupt, I'm going to help my parents get that paid down or even paid off which of course means all my other debts are going to be really old.

If you didn't have a joint cardholder and didn't live in a community property state, available money will be collected from your estate but the credit card issuer would have to walk away from any debt in excess of that.

Joint accounts are those where both spouses are listed as account holders and where each spouse has a duty to pay for debts incurred on the credit card regardless of which person made the purchase.

For example, if you co-sign a loan or your spouse puts the debt on your joint credit card, creditors can come after you.

If you and your former spouse opened joint credit card accounts or you both signed off on a mortgage or car loan, dealing with those debts should be a top priority.

Left with $ 20k total credit card debt from a shopaholic ex spouse with whom I had some joint credit card accounts — so partially I am responsible for signing the dotted line.

On the other hand, a joint credit card account or mortgage you've both signed for is a joint debt, meaning both you and your spouse are on the hook and the bankruptcy of just one of you will leave the other holding the bag — or the debt, as it were.

This individual and joint liability exists regardless of which credit card holder is responsible for creating the debt, and regardless of any divorce, dissolution, separate maintenance, legal proceedings, or agreements that may affect liability between any of you.

Common examples of joint debt between two people are a home or credit card where both spouses applied for the loan or a tax return that was filed jointly.

He also suggests telling the bank that you would like the credit limit fixed on joint credit cards to prevent the debt from racking up.

Answer: His debts shouldn't affect your credit reports and scores unless you cosigned loans or other credit accounts or added him as a joint user to your credit cards.

These are not strictly joint accounts and the primary credit card holder is usually solely liable for the debt.

If the credit card account is a joint account, the other account holder will then become responsible for all of the debt.

Unlike with a supplementary credit card where only the primary borrower is legally responsible for the debt, with joint debts both parties are fully liable.

As for joint or individual debt, be sure to list mortgages, car loans and leases, lines of credit, credit card balances, personal loans, and so on.

You could be responsible for debt your spouse takes if you put your name on a loan's promissory note or if you are added as a joint account holder of a credit card.

Sometimes called joint debts, common examples would include joint credit cards, or a loan that you both signed as co-borrowers.

Business credit card offers with joint and several liability means that both you and your business are liable for debts, so you would have personal liability.

Relatives are not responsible for the deceased member's debt, unless they co-signed for a loan, credit card, have joint ownership of a property or business or live in one of the nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

So if you're a joint holder on the deceased credit card account — that debt is your responsibility!

If you are not a joint holder on the deceased credit card account — the debt is theirs.

Kim McGrigg: Your credit card agreement trumps your divorce decree — Even if your divorce decree says your ex takes responsibility for all your joint debts, it may not matter.

If you have excellent credit and your spouse does not, it may make sense for you to apply for a balance transfer card with a lengthy introductory no - interest period and shift the debt onto that new card as you both devise a repayment plan from joint accounts.

Perhaps you'd prefer to share your income in a joint bank account, but keep your credit card debt and student loans separate to protect your spouse from creditors.

If you and your spouse have joint credit cards, car loans, or other forms of unsecured debt, you are legally liable for them — even if you never use the credit card in question or drive the car a loan is for.

For example, maybe they didn't think about the impact of joint tax debt or credit card debt on their agreement.

Pay off any joint debts as soon as possible and cancel all jointly held credit cards and to set up individual credit accounts.

Related: Credit cards, credit reports, divorce, Equifax, Experian, healthy credit, joint credit, joint credit card accounts, joint debts, tranCredit cards, credit reports, divorce, Equifax, Experian, healthy credit, joint credit, joint credit card accounts, joint debts, trancredit reports, divorce, Equifax, Experian, healthy credit, joint credit, joint credit card accounts, joint debts, trancredit, joint credit, joint credit card accounts, joint debts, trancredit, joint credit card accounts, joint debts, trancredit card accounts, joint debts, transunion

If you have a joint credit card, for example, you may want to cancel that immediately to prevent your separated spouse from running up new debts that could be your responsibility.

The issues that are typically addressed in mediation are issues related to children: legal custody and residential custody, visitation, child support, allocation of college expenses for the children, health insurance, life insurance; alimony and spousal support; division of real property, including the family home; division of tangible personal property including motor vehicles, boats, furniture, furnishings, art work, etc.; disposition of other property accumulated during the marriage, including bank accounts, investment accounts, pension / profit - sharing / retirement accounts, etc.; payment of credit cards and other debts, and tax matters including decisions relative to filing joint or separate tax returns and claiming the children as dependency deductions.

Federal laws restrict issuing credit cards to anyone under 21 unless the applicant has the independent ability to repay debt or has an adult co-signer who accepts joint liability for the account.