The number of marriages that finish in divorce is a daunting statistic. Considerably too many individuals face these painful breakups. As one goes through a break up not only is there the emotional sting but all too often it unhelpfully affects their money also.
A lot of individuals who have had good credit for years and years end up with tribulations on their credit following a divorce. Divorce is one of the major things that cause difficult credit for many individuals.
Wedded people are often treated as equally responsible for repaying loans like mortgages, car payments and credit cards. In a divorce one person is usually assigned responsibility for the debt. Yet even though this is a judgment from the court is it often disregarded and overlooked by creditors, especially when the loan goes delinquent.
I'm sure you know that a decree of divorce is not noted on a credit report. If one of the ex spouses is accountable for the obligation and a payment is missed the creditors can make an attempt to collect from both parties and they can also convey the delinquencies on both parties credit report. If your ex-spouse is accountable for the payments and he or she starts to slack off your credit report can also be affected.
Another difficulty is that since the family unit has split and you are now living in another place, you will not be given any notices so it is likely that you will not even be aware that there is a problem with these until they are really delinquent and they are already showing on your credit report.
Now having your credit report affected seems to be difficulty adequate but if the ex-spouse decides to stop paying all in all and declare bankruptcy the remaining spouse can be held liable for the whole amount of the obligation including late charges in spite of the court order. As the only left over opportunity accessible for collection the creditor will aim at the other individual.
It is a upsetting fact but true that sometimes the only way to settle a divorce is to declare bankruptcy. The credit system is very unjust to parties of a divorce. If an ex-spouse desperately wants to keep a clean record it may not even be possible.
Divorce is just one instance of why it is so essential that we have the right to repair our credit. Any item on a credit report, including a bankruptcy can be disputed if you will that it is inaccurate, misleading, incomplete, untimely, ambiguous, biased, unverifiable or unclear. - 29866
A lot of individuals who have had good credit for years and years end up with tribulations on their credit following a divorce. Divorce is one of the major things that cause difficult credit for many individuals.
Wedded people are often treated as equally responsible for repaying loans like mortgages, car payments and credit cards. In a divorce one person is usually assigned responsibility for the debt. Yet even though this is a judgment from the court is it often disregarded and overlooked by creditors, especially when the loan goes delinquent.
I'm sure you know that a decree of divorce is not noted on a credit report. If one of the ex spouses is accountable for the obligation and a payment is missed the creditors can make an attempt to collect from both parties and they can also convey the delinquencies on both parties credit report. If your ex-spouse is accountable for the payments and he or she starts to slack off your credit report can also be affected.
Another difficulty is that since the family unit has split and you are now living in another place, you will not be given any notices so it is likely that you will not even be aware that there is a problem with these until they are really delinquent and they are already showing on your credit report.
Now having your credit report affected seems to be difficulty adequate but if the ex-spouse decides to stop paying all in all and declare bankruptcy the remaining spouse can be held liable for the whole amount of the obligation including late charges in spite of the court order. As the only left over opportunity accessible for collection the creditor will aim at the other individual.
It is a upsetting fact but true that sometimes the only way to settle a divorce is to declare bankruptcy. The credit system is very unjust to parties of a divorce. If an ex-spouse desperately wants to keep a clean record it may not even be possible.
Divorce is just one instance of why it is so essential that we have the right to repair our credit. Any item on a credit report, including a bankruptcy can be disputed if you will that it is inaccurate, misleading, incomplete, untimely, ambiguous, biased, unverifiable or unclear. - 29866
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