Much too frequently,
there are serious credit and debt issues during the divorce process.
It is therefore our policy, to assist the numerous spouses who
are left in debt or having financial problems during or after
the divorce itself.
From how to remove negative marks on your credit rating to options
for reducing your debt burden, to establishing credit after a
divorce, the campaign will enlighten and help you overcome many
of the financial pitfalls so frequently associated with divorce.
Debt problems are common during divorce. As couples fight over
who pays what, creditors are left unpaid and unimpressed with
excuses. While your divorce is pending, try to reach an agreement
that allocates bill payment responsibility. If this is not possible,
ask the creditor for a stay of execution, but don’t expect
the creditors to care about past due balances unless you are
facing eviction or about to have your electricity cut off.
It’s no secret that fights over money are emotionally
charged. When resources are scarce, the level of stress can become
unbearable, leading to separation and an even more acute problem.
Families who had trouble supporting one household now have to
support two. There are no simple answers. But there are several
alternatives ranging from “individual voluntary arrangements
(IVA),” which is basically writing off your existing debt,
to more radical solutions such as bankruptcy.
Your decision will affect you for years to come. Therefore,
you must fully understand how each of these alternatives works
and what, if any, long range implications they may have. To that
end, we have tried to provide you with the tools necessary to
make an informed decision about which alternative is best suited
to your needs.
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