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  Dear
Dr. Don,
I want to file bankruptcy and I am married. Do you think my husband's
credit will be affected also? -- Mindful Meriniza
 Dear
Meriniza,
Married couples have separate credit histories, but joint credit
obligations show up on both spouses' credit reports. A married person
who is an authorized user on a spouse's credit card account will
have that payment history on his (or her) credit report, too. Unless
you have kept your finances completely separate, his credit will
be impacted.
In community property states, debts taken on
in the marriage are presumed to be joint obligations. The community
property states are: Arizona, California, Idaho, Louisiana, Nevada,
New Mexico, Texas, Washington and Wisconsin. If you live in one
of these states, it will be even harder to keep your husband's credit
unaffected.
Both of you should pull your current credit reports
to see if there are overlapping accounts. Depending on where you
live, you may already qualify to receive free credit reports, but
you should take this step even if you need to pay for the reports.
See Bankrate's feature, "Credit
reports: Get one free," for more information.
A bankruptcy bill has been passed by Congress and
is awaiting the President's signature. Once signed, the bill's provisions
become effective in six months. The bankruptcy courts will see a
lot of new cases as petitioners look to file under the existing
law. Don't dawdle. Talk to a bankruptcy attorney about your case
to determine if you should file on your own or a joint petition
with your spouse.
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