If I totally cancel and remove myself form and shut down a credit card account - joint with my wife -.......?

Question

canI be held financially responsible still? Or vice versa remove her is she financilly responsible too?

Answer 1

You can close the account but you and your wife are both joint and severally liable for any balance on the card at the time it was closed.

Answer 2

When you applied to the credit card , a contract was signed. The contract superseeds any divorce ,court order. First of all the loan amount you were approved for was based on both (you and her credit together). If you request to be removed, it is not even a guarantee. The account will be reviewed and they will see if your wife qualifies for loan based on her credit alone. If she does not, they will not remove your name.  The only way out is bankrupsy. You can request to close the account to keep her from further charging on the credit line. On joint accounts, the other party can request to have the account reopened, which is why it is important that you specify the reason for closure is  due to divorce. The accounts can not be reopened due to this reason code.

Answer 3

sorry it does not work that way -- you both are liable for the debt!!!

Answer 4

You may be held responsible for outstanding debt owed on your joint account and/or loans created during your marriage. The reason why this not a simple yes or no answer is b/c of the state you reside in and other factors including your existing credit score, or whether or not you have a prenuptial agreement, etc. Also, some states such as California have community property laws and joint tenancy with surviving rights to the spouse. Bottomline it is prudent to look beyond generalizations offered by self professed finance gurus and check with your specific state laws or consult with a licensed Certified Financial Planner (CFP) regarding community property and how they effect you in situations of credit, bankruptcy, divorce and estate planning. Good luck!

Answer 5

You are both jointly responsible for any debt accumulated during the marriage.