Discover How A Divorce Can Affect Your Credit
The amount of marriages that terminate in divorce is a disappointing statistic. Far too many individuals go through 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.
Far too often these days, a individual who has been a reliable and dependable credit risk for many years ends up with huge tribulations on their credit following a divorce. One of the main causes of problem credit for many people is divorce.
Married persons are often treated as equally liable for repaying loans like mortgages, car payments and credit cards. In a divorce one person is usually assigned responsibility for the debt. However even though this is a verdict from the court is it often ignored and overlooked by creditors, especially when the loan goes delinquent.
A credit report will not reflect a decree of divorce. If a payment is missed by the responsible partner the creditors can and will make an attempt to collect from the other party. Not only that but they will recount the delinquency on both spouses credit reports. If your ex-spouse is responsible but doesn't pay, you will be held responsible.
Another challenge that repeatedly comes up is that since the family has split and one party is living at other housing, only the liable party will receive warning of delayed payments. Therefore the other spouse may not even recognize there is a predicament until the loan is seriously delinquent and it is already showing negative on their credit report.
If the accountable party decides to stop paying on the loan altogether and file bankruptcy the other spouse can be held accountable for the full obligation with late charges. As for the creditor, the court order is immaterial. The other spouse is their only remaining choice to collect on the loan and they will go after that person.
It is regrettable but at this time the credit system is exceedingly unjust to the parties of a divorce. Often the only way to fully conclude a divorce is to declare bankruptcy. This is very regrettable if there is one party who strives to be dependable and badly wants to keep a clean credit record.
However this circumstances is just one illustration of why it is essential 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.
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Thank you everyone for your lovely comments and for the stories yo have shared. We can all access the SPIRIT of that little child that lives within us.
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Let your Greatness SHINE through!
With abundant blessings of Peace, Love, Joy and Fun,
Amanda
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