Sentences with phrase «of joint debts»

Common examples of joint debt between two people are a home or credit card where both spouses applied for the loan or a tax return that was filed jointly.

In fact, even if you have a legal separation agreement which states that each person is to assume half of any joint debts this will not release you from your spouse's portion.

A husband and wife may file a joint bankruptcy while they are married and both may obtain a discharge of their joint debts.

Try to pay down as much of your joint debt as possible before your lawyer starts drafting the divorce agreements.

Learn the pitfalls of joint debts, so you can plan well and hopefully avoid them.

But if your spouse files for bankruptcy after divorce proceedings begin, you could end up liable for the full amount of joint debts.

If you are dealing with a lot of joint debt, close any joint cards from further purchases and if necessary, apply for your own card.

In the absence of a bankruptcy discharge, the creditor may sue either or both spouses for satisfaction of a joint debt.

With a bankruptcy discharge of one spouse, the creditor may look to the other spouse for full payment of the joint debt.

I'm out of joint debt with my ex-wife and my credit rating has gone up, [in which](x - AND) I would attribute that a bit to Cambridge.

I'm out of joint debt with my ex-wife and my credit rating has gone up, and I would attribute that a little bit to Cambridge.

Doug Hoyes: And the only impact then on my spouse's credit would be in the example of a joint debt again.

If you can not afford to cover the payments for your ex's share of your joint debt, and if your ex isn't willing to refinance or work with you to sell joint assets, then bankruptcy could be the best course of action.

Many people misunderstand the concept of a joint debt, or co-signed debts.

The Department of Education cites the issue of a joint debt remains a joint debt following a divorce.

The above scenario is only the beginning of more bad credit problems as a result of joint debt While in college, Annette had accumulated tens of thousands of dollars in student loans.

Both husband and wife would each be liable to the lender for the full balance of this joint debt, although a separation agreement or a court order may allocate responsibility for payment of the debt between the husband and wife.

This will allow the filing spouse to become debt - free while the non-filing spouse may become obligated on the remainder of any joint debts (effectively forcing them to file bankruptcy on their own).

If your ex-spouse files bankruptcy rather than paying the debts assigned to him in the divorce, you may have to deal with creditors of joint debts on which you are still listed.

In fact, even in the special situation where there is a legal separation agreement stating that each partner is to assume half of the joint debt, a creditor can still pursue the other spouse for all amounts outstanding if one of the partner defaults.

With a Chapter 13 bankruptcy, if the filer submits a plan that will address all of the joint debt, the creditor can not pursue the spouse for payment of the debt during the restructuring payment period (which generally runs for up to five years).

, a non-filing spouse will not receive the benefit of his or her spouse's discharge of a joint debt and the account history of a joint debt will reflect any delinquency or nonpayment of the joint debt by the parties.