Are you going through a Birmingham divorce and suffering though the burden of a joint loan gone bad? If you co-signed a loan for your ex before the big split, it is important to seek the help of an attorney to avoid taking the wrap and suffering the consequences of a former spouse’s irresponsibility.
A Birmingham divorce lawyer can be one of your best resources in such situations. Whether you’re in Tuscaloosa, Gadsden or Huntsville, it is important to seek professional assistance to help protect your financial future.
At the time that a loan is approved, completed and signed, it is considered to be a legal and binding contract. You may be wondering if a divorce decree is the answer to free you from this nightmare. You’d be surprised. Although, the judge may declare your ex as the sole-member responsible for the debt, lenders will often still hold both parties, you and your ex, responsible.
If you’re currently going through a divorce, it is important to close joint accounts and pay off balances as soon as possible to avoid future debt and financial headache, according to Auto Credit Express.
There is always the option of having your ex refinance, which could possibly eliminate your responsibility from the loan. Problem is, your ex may not qualify without you. It is more difficult for a single person to qualify for refinancing than it is for a couple.
If payments are missed or property has been repossessed, credit bureaus will still aggressively pursue both parties — leaving your credit score and future credit worthiness at the mercy of your ex’s future payment history.
Ultimately, it is most important to remember that a divorce may not always clear your name from the financial obligations of a loan that you may have co-signed. Seeking the advice of an experienced Alabama divorce attorney is your best option. Tackling such issues on the front end is much easier than being blindsided on the back end.
Consulting a lawyer can help you sort through your legal options when it comes to protecting your future financial reputation.
If you are currently going through a divorce or thinking about filing for a divorce in Alabama, contact Birmingham Divorce Attorney Steve D. Eversole at 1-866-831-5292 for a confidential consultation to discuss your rights.