Significantly too numerous marriages end in divorce these days. Alas the splitting up of a marriage is not only an emotional struggle but it all too often has a extremely damaging consequence on your finances also.
Oftentimes there are people who have been conscientious and unfailing with their credit for years who end up with major troubles following a divorce. Divorce is one of the main causes of problematical credit for many people.
Did you know that when you are married you and your spouse are often together treated as just as accountable for repaying loans like mortgages, car payments and credit cards? When the split-up happens the courts usually assign responsibility to one or the other party. However, even though this is by order of the court many times the creditors will take no notice of it, more than ever if the loan goes delinquent.
You have to know that a credit report will not reflect a decree of divorce. If a payment is missed by the responsible partner the creditors can and will go to collect from the other party. Not only that but they will convey the delinquency on both spouses credit reports. If your ex-spouse is accountable but doesn't pay, you will be held responsible.
Another dilemma is that since the household has split and you are now living in another place, you will not receive any notices so it is likely that you will not even be aware that there is a trouble with these until they are seriously delinquent and they are already showing on your credit report.
Now having your credit report affected seems to be trouble adequate but if the ex-spouse decides to stop paying totally and declare bankruptcy the remaining spouse can be held responsible for the full amount of the balance including late charges notwithstanding the court order. As the only remaining option available for collection the creditor will pursue the other person.
It is regrettable but at this time the credit system is dreadfully inequitable to the parties of a divorce. Often the only way to fully tie up a divorce is to declare bankruptcy. This is very regrettable if there is one party who strives to be reliable and badly needs to keep a clean credit record.
Nonetheless this situation is just one example of why it is vital that we have the right and we can repair our credit. We can dispute any item on our credit reports, including bankruptcies that we feel may be inaccurate, untimely, incomplete, ambiguous, misleading, untimely, unverifiable, biased or unclear. - 29866
Oftentimes there are people who have been conscientious and unfailing with their credit for years who end up with major troubles following a divorce. Divorce is one of the main causes of problematical credit for many people.
Did you know that when you are married you and your spouse are often together treated as just as accountable for repaying loans like mortgages, car payments and credit cards? When the split-up happens the courts usually assign responsibility to one or the other party. However, even though this is by order of the court many times the creditors will take no notice of it, more than ever if the loan goes delinquent.
You have to know that a credit report will not reflect a decree of divorce. If a payment is missed by the responsible partner the creditors can and will go to collect from the other party. Not only that but they will convey the delinquency on both spouses credit reports. If your ex-spouse is accountable but doesn't pay, you will be held responsible.
Another dilemma is that since the household has split and you are now living in another place, you will not receive any notices so it is likely that you will not even be aware that there is a trouble with these until they are seriously delinquent and they are already showing on your credit report.
Now having your credit report affected seems to be trouble adequate but if the ex-spouse decides to stop paying totally and declare bankruptcy the remaining spouse can be held responsible for the full amount of the balance including late charges notwithstanding the court order. As the only remaining option available for collection the creditor will pursue the other person.
It is regrettable but at this time the credit system is dreadfully inequitable to the parties of a divorce. Often the only way to fully tie up a divorce is to declare bankruptcy. This is very regrettable if there is one party who strives to be reliable and badly needs to keep a clean credit record.
Nonetheless this situation is just one example of why it is vital that we have the right and we can repair our credit. We can dispute any item on our credit reports, including bankruptcies that we feel may be inaccurate, untimely, incomplete, ambiguous, misleading, untimely, unverifiable, biased or unclear. - 29866
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