Legal Question in Bankruptcy in Virginia

Re: consequences to credit card signers

Let's say that there were 2 people on the credit card account (equally). If one of them filed for bankruptcy, the credit card company would try to collect from the other name on the credit card account. Therefore even IF your daughter were on the credit card account equally with you, the only effect of you filing for bankruptcy on her would be that the credit card company would want her to pay (ONLY on THAT account) the money that you didn't pay. If she is listed as a signer, and not a payor, then she would not be responsible for that, either. So the only question is what happens to the money due on THAT credit card account. But there is no way that your bankruptcy would affect her credit (assuming, of course, that the credit bureaus report things truthfully which they do not always do). The other post suggests that your daughter might have to pay IF YOU HAVEN'T ALREADY for those specific purchases that she signed for, and I agree with that. But it would have nothing to do with bankruptcy. It just means if one person doesn't pay the other person must.

Re: consequences to credit card signers

If your daughter, as a cosigner, signed a charge slip agreeing to pay the balance due on the account, the credit card issuer may treat her as a codebtor. However, if she is merely a cosigner and has no legal obligation to pay on the account, her credit will not be harmed by your bankruptcy.