Divorce Debt & Credit Repair

When people break up, so do other things.

Apart from friendships, families, mutual relationships, business acquaintances, the emotional stress creates havoc on the parties and their children thus hurting each professionally, emotionally and their professional and business performances alike.

It is a delicate balance in today’s world where there are integrated families with children from other marriages.

Who pays for private or public schools? Who gets better vehicles if needed? The newly added children or the children from the first spouse? Will the ex from the first or second marriage have a say in how much the children will have until adulthood?

Difficult situations that require a mature understanding to benefit the children who hurt and most of the time have nothing to do with the breakup.

As an example, one client went through a 5-Million-dollar divorce settlement. She should have been happy with such a good number, but she went into rehab for medicating herself of the stress and lost her nursing license because of it. Not to mention her desperate distress.

The parties settled and had emotional and business losses, as well as the trials that went on for years.
This impacts the Credit Performance once the focus is off; the business loses momentum and employees notice. Keep the focus on the business throughout the process if possible. This too shall pass some say. However, once the creditors come looking for you, it can take years to unravel.

Mutual Accounts, who owes who. What was purchased on the JOINT Account? From our knowledge, an Authorized User can be removed. But if the account such as a CAR LOAN or other type of loan was opened Mutually, it may not be that possible to break the originating agreement in two. Sell the car at a loss? Commit one of the spouses to continue paying the debt? What if the spouse has the ill intention and makes deliberately missed payments to hurt the other spouse? HUM.

Another case of ours where we worked the credit file, the spouse kept the La Jolla, California home, she was supposed to be making the payments as it was a joint Mortgage Account. Willingly she stayed home eating chocolates and watched Oprah and Daytime TV until she felt on occasion to come up with the payments.

She had enough funds to go to Europe for a while and come back to catch up on the almost foreclosure notices. Of course, the ex- partner could have had a massive stroke as it challenged his nerves and his credit on the Joint Mortgage Account. Enough to drop his credit scores 100 points or more. Payback time.

At the end of the day, they came to a further agreement and the house was sold and they each went their merry way.

Joint Mortgages are often done to use both incomes to qualify for the home.

Have your papers in order before any possibility of Divorce may occur, get a good Divorce Attorney or Legal Representation before you come to us for Credit and Debt Evaluation for restoration and, in the meantime, behave.

If you have any questions regarding Debt Elimination Programs or Credit & Debt Restructuring or Management, give us a call or email.

Bill Ipsan
619.794.0278 ph
ipsanwest@aol.com