Joint bank account. A Quora user asks: Does having a joint bank account with someone with bad credit impact my credit?

Victor Fong, Licensed Insolvency Trustee in Toronto, Canada replies:

No. However, does this bank account have an overdraft? If the other person engages in transactions that put your joint account into overdraft and the overdraft isn’t paid off on time, then your credit could be affected.

Now, what if your joint account holder files for personal bankruptcy? Then things get a bit more complicated. To the extent that there is money in the bank account, because his name is on the account, it could possible be seized as an asset in the event he files for personal bankruptcy.

Therefore, the best thing for you to do would be to close that joint bank account and open a separate bank account in your name only.