05 August, 2020

Quora Answer: In a Marriage, is a Person Responsible for Their Spouse’s Credit Card Debt if They are Unable to Pay?


That depends on who incurred the debt, and how it was incurred.  If the credit card is jointly held, then it is both their debt.  If it is in the name of one of the couple, that is the person liable.  In the case of the latter, it is possible for one spouse to be bankrupt, while the other is financially sound.  The implications of this, however, may affect both, since debts such as housing loans, mortgages and such like are often taken jointly.  This will cause the bank to recall the loan, or refinance it based on the solvent spouse.  The terms will be less favourable.



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