Sears debt in bankruptcy
I was planning on filing for bankruptcy in December. I am the secondary cardholder. Sears has just informed us that secondary cardholders will no longer be responsible for debt on the card after Nov 1 (no longer a co-borrower but an authorized user). Even though I will no longer be responsible to Sears for any debt (according to Sears), will I still be able to list Sears as a creditor? – I incurred most of the debt, receipts to prove it.
It will make no difference whether you list it or not. When you list yourself on a debt, it means you are guaranteeing that regardless of what happens to any other party, the debt will be paid in full.
As a result when you file bankruptcy whether you are a supplementary card holder or a joint borrower, the other party will assume full responsibility for the total balance outstanding on the account.