Considerably too numerous marriages end in divorce these days. Unfortunately the destruction of a marriage is not only an emotional fight but it all too often has a massively destructive result on your finances also.
Far too often these days, a individual who has been a steadfast and conscientious credit risk for many years ends up with enormous troubles on their credit following a divorce. One of the main causes of delinquent credit for many people is divorce.
Did you know that when you are married you and your spouse are often equally treated as just as liable for repaying loans like mortgages, car payments and credit cards? When the separation happens the courts usually hand over liability 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, specially if the loan goes delinquent.
This might be a surprise to you but a divorce decree does not show up on a credit report? If the ex-spouse who is accountable for the obligation misses a payment the creditors can and will attempt to collect from the other party. Both parties will also have the failure reported on their credit reports. If your ex-spouse is supposed to pay but doesn’t, you will be held accountable.
Another problem is that since the family unit has split up and you are now living in a different place, you will not get any notices so it is possible that you will not even be conscious that there is a dilemma with these until they are seriously delinquent and they are already showing on your credit report.
If the responsible person decides to stop paying on the loan altogether and file bankruptcy the other spouse can be held liable for the entire obligation as well as late charges. As for the creditor, the court order is immaterial. The other spouse is their only left over choice to collect on the loan and they will go after that person.
Sadly at this time the credit system is unjust to the victims of divorce. Sometimes a bankruptcy is the only way to absolutely settle a split-up and that is unlucky for the ex-spouse that wants to be responsible and carry on a good credit score.
Going through a divorce is just one example of why it is so essential that we have the right to repair our credit. Any item on a credit report, as well as a bankruptcy can be disputed if you will that it is inaccurate, misleading, incomplete, untimely, ambiguous, biased, unverifiable or unclear.
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i was divorsed recently and there is no change in my credit