Divorce and Debt has long been the subject of tabloid news. The reality of regular folks can be just as devastating. Here are some tips that may help on the financial front if faced with this life circumstance:
* Evaluate the total debt and assets owed * Value of increasing Debts due to interest or collection activity may create Credit Damage * Market fluctuations or increased interest on debt will change the total amount owed * If possible pay off and CLOSE the Joint Accounts * Alert the Creditors to the new addresses of the ex-spouses * Value the Estate * Put Everything into Cash if possible, disburse the debt payments to avoid market fluctuations * Settle the debts first if possible, work on re-establishing your credit worthiness * Review and Change Life Insurance Policies; Change Beneficiaries * Review credit reports to evaluate any discrepancies
If you have any comments or questions or would like a recent credit file review or discuss Credit Restoration or Debt Elimination Plans, drop us a line!
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