Articles Tagged with Joint debt

divoice-court-desk-300x200Joint debt is considered to be any debt created by one or both spouses during the marriage. Upon divorce in Florida, the court decides which spouse is responsible for which joint debt. However, divorce court orders do not affect creditors, who will likely hold both partners liable for joint debt regardless of which spouse the court deemed liable. Common joint debts may include car loans, mortgages, credit card debt or other lines of credit. Below we answer some common questions about how joint debts are handled after divorce.

What Happens if the Court Ordered Spouse Decides Not to Pay Their Debt?

When a couple goes through a divorce in Florida, problems may arise if the spouse that was required by the court to pay the debt does not do so. Even if the final judgment in a divorce decree requires one spouse to be fully responsible for joint debt, that order holds no jurisdiction over the creditor. The creditor is likely to seek payment from the other spouse if the one ordered to pay fails to.

Bankruptcy is an excellent retirement strategy, especially if you are behind in saving for retirement because your credit card debt is robbing you of your ability to save.

Just look at the math:

Let’s say you’re about 10 years away from retirement, and you owe $25,000 in credit card debt at a typical 18.9% interest. Based upon your budget, you can pay no more than $500 per month toward this debt while maintaining your monthly expenses.