During your marriage, it’s easy to fall into the habit of using credit cards to pay for a variety of expenses. While there’s nothing wrong with this, your good intentions can soon turn into a high credit card balance.
If you find yourself in debt and decide to divorce, your situation becomes even more complicated. It’s at that point that you need to decide how to best deal with your joint credit card debt. Here are some ideas to consider:
- Pay it off together: If you have the money to do so, agree to pay off your joint credit card debt so that you don’t have to deal with it during the divorce process.
- Equally divide the debt: Both individuals can transfer their portion of the debt to a separate credit card. This is often the best option if paying off the debt in its entirety is off the table.
- Cancel all joint credit cards: Don’t give the other person the ability to make purchases that you may be responsible for in the future.
In addition to the above, filing for bankruptcy before divorcing has its benefits. For example, this allows you to eliminate some or all of your credit card debt, along with other liabilities that are dragging you down.
Once your bankruptcy filing is complete, you can then proceed with your divorce.
Any type of debt can complicate the divorce process, so don’t hesitate to quickly learn more about your many options. You may find that filing for bankruptcy is the best way to find relief during this difficult time of your life.
Attorney Advertising Disclaimer: Under Federal Law, we have been designated a Debt Relief Agency and we help people file for bankruptcy relief under the Bankruptcy Code. This information is not intended as legal advice and no attorney-client relationship is created. Results may vary. Results not guaranteed. Dramatization: Not actual clients in pictures and videos. — Thomas C. McBride, attorney in Alexandria, LA