When you file for divorce in Ohio, you don’t just get a portion of your spouse’s assets. You might also get a portion of their debts. Even if your former spouse promises to pay off their debts, you could still end up getting calls from creditors.
What types of debt can you receive after your divorce?
If you co-signed any loans with your spouse while you were married, you’ll still be responsible for those debts after your divorce. This could include mortgages, car payments, credit cards and other forms of debt. Your former spouse might agree to pay off their debts during your divorce, but if they don’t, you’ll have to deal with creditors and a dropped credit score.
In some situations, a judge might divide up your debts during the property division process. You might get stuck with a portion of your former spouse’s debt and vice versa. Regardless of who’s responsible for the debt, creditors will hold you responsible for anything with your name attached. Some lenders will take your name off the debt, but if they don’t, there’s nothing you can do except try to pay it off.
You might want to speak with a bankruptcy attorney about the topic of divorce and bankruptcy. Some people go bankrupt after their divorce not because they lost their assets but because they can’t pay off all their debts. An attorney could help you figure out other alternatives before you file for bankruptcy.
What can you do if you’re saddled with debt?
Bankruptcy isn’t the end of the road. Once you’ve finalized your bankruptcy, you can start rebuilding your credit score and even take on certain forms of debt. If you don’t see any other way out, filing for bankruptcy could help you get your life back together.
An attorney could help you file for bankruptcy and keep as many of your properties as possible. When you file for bankruptcy, you can stop the process of creditor harassment and wage garnishment. You could pay off your debts and start rebuilding your savings account without the debt hanging over your head.