text: If one party on a joint loan or credit card files for bankruptcy, they can be released from the debt, but any others on the loan will still be liable for repayment. Your credit rating is based on your repayment history. If an account it not included in a bankruptcy, all parties are still liable. A joint credit account may be closed to new purchases, but as long as the payments are made in a timely fashion, it will not effect your credit!