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Protect Your Credit in a Divorce

For many people, going through a divorce is a very traumatic experience. Apart from the personal damages that it causes, a divorce can also cause damage to a person's finances and credit score. In fact, money and debt problems are often the cause for divorce in the first place. If you find yourself facing a divorce, it's important to know how to protect your credit score and recover from previous debt problems.

When two people are married, they take on one another's debt. Children, mortgages, a lost job or indiscriminate spending habits can lead many couples into unmanageable debt. When a divorce is filed, these debts are not cancelled. The couple is still responsible for the debt, and this shared debt can lead to financial ruin.

Divorce Can Lead to Bankruptcy – But it Doesn't Have to

Divorce is often so financially stressful that people believe that filing for bankruptcy is the only option. In some cases, bankruptcy is the best option, and Advantage CCS is available for required pre-bankruptcy counseling. They are also available to help you plan possible alternatives to bankruptcy that are less damaging to your credit score.

Debt management plans are often a viable alternative to filing for bankruptcy. Nonprofit credit counselors, like those at Advantage CCS are available for individuals or couples facing divorce. They can work with creditors to get you put on a monthly payment plan that is manageable and allows you to repay your debts on time, thus preserving your credit score. They can also help you work out a new, post-divorce monthly budget. Working with a credit counselor can not only preserve your finances, but can also help manage some of the stress that comes along with a divorce.

If you are facing a divorce and are overwhelmed by the prospect of paying back your marital debt, contact Advantage CCS today. Their credit counselors are available online, by telephone or in person and can help you manage your debt and in turn, manage at least some of the stress that comes with a divorce.