Divorce and Debt

Question: What are the necessary steps in taking care of current credit issues while trying to sell houses in a divorce and trying to purchase another house? Tell me about divorce and debt.

Answer:
There are many forms of debt relief, including: i) debt consolidation loans, ii) credit counseling, iii) debt negotiation, and iv) bankruptcy.

As it relates to your divorce, it will be important to divided up assets and liabilities, and make certain to update your credit report record (particularly if there are jointly held accounts) after the final settlement. If you are seeking to get debt free, debt consolidation can benefit you in many ways: i) monthly cash flow, ii) total savings, iii) interest deductibility, and iv) your credit rating.

However, all forms of debt consolidation are not the same. You need to consider

your specific situation, including if you own or rent your home, your monthly debt to income ratio, and your credit rating. A program like a debt consolidation loan may lower your monthly payment, get you a lower rate than most credit cards, and the interest is tax deductible.

Alternatively, a program like negotiated debt settlement may lower your monthly payment, get you debt free fast, save half of what you owe, but it could negatively impact your credit rating.

Bills.com makes it easy for you to apply for a free debt consultation, by following this link: https://www.bills.com/debthelp/debt/

These are a few of the considerations. If you would like more information, please visit our debt relief boot-camp

Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed.

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