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Question
Just divorced. Ex has credit card in her own name only which decree says she will pay. I live in AZ, shared community state, and I understand debt acquired during marriage, regardless of who's name is on account, it becomes joint debt and if my ex defaults on her credit card, they can try to collect from me. My question is if she defaults, at what point will it be refected on my credit report and damage my credit? Also, is debt she acquired after we physically but not legally separated but not divorced yet still joint debt?
Most credit card companies would start reporting on the statement date that reports a thirty day (rough) late. For example, you receive a statement ending 2/1/10 with a due date of 2/25/10. if no payment is made, you will receive a statement on 3/1/10 showing a past due balance. TECHNICALLY, they can report it thirty days late on 3/25/10 since the payment due 2/25/10 was not made. However, most will not report until the next statement date of 4/1/10.
Typically, you need that official divorce date to go through before you can separate the debts. There are exceptions and it can be fought in some cases of obvious and more permanent separation such as military deployment and even out of state residency. It is difficult to do and becomes an individual - case-by-case issue.
Good luck.
Regan
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Answers by Expert:
Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.
Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials
BA University of Minnesota
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