Far too many marriages end in divorce these days. Alas the destruction of a marriage is not only an emotional struggle but it all too often has a hugely destructive result on your assets also.
Oftentimes there are persons who have been trustworthy and trustworthy with their credit for years who end up with major troubles following a divorce. Divorce is one of the major causes of challenging credit for many persons.
As an individual who is married you are often treated as equally liable for repayment on loans like car payments, credit cards and home mortgages. As you divorce the court assigns responsibility for the debt to just one party. Still even though this is a verdict from a court of law it is as a rule ignored and ignored by creditors, especially if the loan goes delinquent.
A divorce decree does not show up on a credit report. If the ex-spouse who is responsible for the money owing misses a payment the creditors can and will attempt to collect from the other party. Both parties will also have the delinquency reported on their credit reports. If your ex-spouse is supposed to pay but doesn't, you will be held accountable.
A different challenge that continually comes up is that since the family unit has split up and one person concerned is living at other residence, only the responsible party will receive notice of behind payments. Therefore the other spouse may not even recognize there is a dilemma until the loan is dangerously delinquent and it is already showing negative on their credit report.
Now having your credit report affected seems to be trouble enough but if the ex-spouse decides to stop paying all in all and declare bankruptcy the left behind spouse can be held accountable for the total amount of the balance due counting late charges notwithstanding the court order. As the only remaining alternative accessible for collection the creditor will seek out the other person.
It is lamentable but at this time the credit system is especially unjust to the parties of a divorce. Often the only way to completely conclude a divorce is to declare bankruptcy. This is very disastrous if there is one party who strives to be reliable and very much needs to keep a spotless credit record.
However this situation is just one illustration of why it is important 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 erroneous, untimely, incomplete, ambiguous, misleading, untimely, unverifiable, biased or unclear.
Oftentimes there are persons who have been trustworthy and trustworthy with their credit for years who end up with major troubles following a divorce. Divorce is one of the major causes of challenging credit for many persons.
As an individual who is married you are often treated as equally liable for repayment on loans like car payments, credit cards and home mortgages. As you divorce the court assigns responsibility for the debt to just one party. Still even though this is a verdict from a court of law it is as a rule ignored and ignored by creditors, especially if the loan goes delinquent.
A divorce decree does not show up on a credit report. If the ex-spouse who is responsible for the money owing misses a payment the creditors can and will attempt to collect from the other party. Both parties will also have the delinquency reported on their credit reports. If your ex-spouse is supposed to pay but doesn't, you will be held accountable.
A different challenge that continually comes up is that since the family unit has split up and one person concerned is living at other residence, only the responsible party will receive notice of behind payments. Therefore the other spouse may not even recognize there is a dilemma until the loan is dangerously delinquent and it is already showing negative on their credit report.
Now having your credit report affected seems to be trouble enough but if the ex-spouse decides to stop paying all in all and declare bankruptcy the left behind spouse can be held accountable for the total amount of the balance due counting late charges notwithstanding the court order. As the only remaining alternative accessible for collection the creditor will seek out the other person.
It is lamentable but at this time the credit system is especially unjust to the parties of a divorce. Often the only way to completely conclude a divorce is to declare bankruptcy. This is very disastrous if there is one party who strives to be reliable and very much needs to keep a spotless credit record.
However this situation is just one illustration of why it is important 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 erroneous, untimely, incomplete, ambiguous, misleading, untimely, unverifiable, biased or unclear.
