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Lieberman
Protect your good credit --Your divorce does not
releive you from any joint credit card debt you may have had while
you wer married. You are responsible for joint accounts from any
credit card s you may have along with car loans and home mortgages.
Even if a divorce judge orders your ex spouse to pay a certain
credit card bill, you are still legally responsible for making
sure that this bill is being paid. If not your credit can be ruined.
The bank, credit card issuer, mortgage company
or other credit lending buinesses that you have credit with also
has the legal right to report any negative information to a credit
bureau if your ex pays late on a joint account that you may have.
If your ex decide that he or she does not want to pay the bill
at all you will probally have to pay or action can be taken to
get the debt paid off.
Until you can seperate your accounts you can not
afford to miss a payment on your bills to avoid reporting to the
credit bureaus. Send in at least the minimum payments due on all
joint bills until they can be seperated. One missed payment can
have a negative effect on your credit report at times up to 7
years. Do not try to run up the debts, play by the rules and make
all payments with at least the minimum due.
If you've recently been through a divorce - or
are contemplating one - you may want to look closely at issues
involving credit. Understanding the different kinds of credit
accounts opened during a marriage may help illuminate the potential
benefits and pitfalls of each.
If you're considering divorce or separation, pay
special attention to the status of all the credit accounts that
you may have. If you maintain joint accounts during this time,
it's important to make regular payments so your credit will not
suffer from the divorce. As long as there's an outstanding balance
on a joint account, you and your spouse are still responsible
for this payment.
If you divorce, you may want to close joint accounts
or accounts in which your former spouse was an authorized user.
Or ask the creditor to convert these accounts to individual accounts.
The easiest way to find out what kind of debts
you and your spouse owe is to get a credit report. Credit reports
are a little like the weather. Everybody talks about them, but
only three companies really do anything to produce them:
Equifax. Equifax Credit Information Services, Wildwood Plaza,
Suite 500, Marietta, GA 30067. 800-685-1111.
Experian (formerly TRW). Consumer Assistance Center, P.O. Box
749029, Dallas, TX 75374. 800-392-1122.
Trans Union. 760 Sproul Road, Springfield, PA 19064. 800 916-8800.
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