Got accepted, but a question...

I got accepted into my school's nursing program but I have a question about the background check for clinical sites, does it include a credit check typically? My co-owner on some credit cards recently defaulted and I (alone) am in the process of getting us out of this situation despite the fact that nothing on those cards was charged on my behalf. Moreover, I work in the banking industry and deal with thousands upon thousands of dollars a day with a high security clearance. I would certainly hope that my co-owners dishonesty in their lack of informing me of this situation would not prevent me from getting into nursing school as my current employment status of two years is a better determinant of my "trustworthiness." I am a good, law abiding citizen--so good that I will personally pay this other person's credit charges just to regain my good standing. If this ever came up, would I have the opportunity to explain the situation?