Could you be held accountable for its former credit card debt?

Could you be held accountable for its former credit card debt?


Cardholders know that they are responsible for their own credit card balances, but there are situations where one might end up being on the hook for someone else's credit card debt? Unfortunately Yes, in the case of a not paid on a card which was held jointly with a former spouse or another family member credit card debt, you might inadvertently end holding the bag.

For example, say their rakes former spouse up to $10,000 in a joint credit card charges not have used for years, but that still bears his name, and then "forget" to pay debt? you by misfortune, as his name is still in the account, are on the hook for the debt, even if it has been divorced for several years.

Also, in some situations, a spouse may be agreed to pay jointly held as part of the divorce settlement credit card debt, but is unable to fulfill the agreement. In this case, the other spouse remains responsible for the debt, regardless of the agreements divorce.From the creditor's point of view, how credit card invoices and other types of debt is divided into a divorce is a problem between the two spouses. credit contract precedes the divorce, and is not altered by any subsequent agreements carried out as part of the divorce process.Therefore, each party will continue to be responsible to pay any debt incurred in a credit card account signed his name.

The same applies to a mortgage held conjuntamente.Si one spouse gets home and agrees to be responsible for payment of mortgage, if he or she does not do so, the other spouse is still the hook for payments.
This will not only in a situation where runs the risk of being responsible for the debt of another person, once the other party default in payment of debt, your credit rating will be get trashed.What is worse, can't ever know that the other party is behind payments until you accidentally find out when to pull your credit report or get a loan application rejected.

Unfortunately, while divorce lawyers will help both parties determine how assets are divided, may not always bring the question of how to handle debt in a way that actually protects both parties in the case of a future default.

To protect themselves in case of a divorce, go through all that had credit cards among you to determine one bears his name.Be sure to include cards unused for years, in which have forgotten about de.Para sure that include all credit cards on your behalf, pull your credit report in the annual credit report free, and then go on the list of accounts credit report carefully.

You and your former spouse signed credit card accounts are the responsibility of both partes.Para cards where you are to holders of major credit cards and your spouse of an authorized user, you are solely responsible for the charges to the card.This is the worst of all worlds, obviously, since the former has no responsibility only charging privileges.

Remove your spouse of credit card accounts, he or she is an unauthorized user, and if possible, cancel credit cards held jointly in the names of ambos.Si is not possible to cancel the credit card, because there is a pending account, credit card debt call the credit card issuer and ask them to freeze the account, that will prevent future charges.

Still does not prevent a delinquent in payment of any outstanding without embargo.En situations where a former becoming joint debt credit card debt spouse cannot have no choice but to send payments in order to protect its crédito.Al make divorce agreement, make sure the Decree of divorce you resort to retrieve these payments of its former case you have a situation of this kind.

In summary, there are many disadvantages to get a credit card jointly with a spouse or another Member of the family and very few ventajas.En these days, when requesting a credit card is easier that ever before, avoid potential future headaches financial, as far as possible, maintaining credit accounts in its own name only.