MO Statute Chapter 565
Keep up the good fight!
Far too frequently these days, a person who has been a dependable and dependable credit risk for many years ends up with colossal problems on their credit following a divorce. One of the main causes of problematic credit for many individuals is divorce.
When you are married you and your spouse are often together treated as just as responsible for repaying loans like mortgages, car payments and credit cards. When the split-up happens the courts usually allot responsibility to one or the other party. However, even though this is by order of the court many times the creditors will ignore it, especially if the loan goes delinquent.
A divorce decree does not show up on a credit report. If the ex-spouse who is responsible for the balance misses a payment the creditors can and will attempt to collect from the other party. Both parties will also have the failure reported on their credit reports. If your ex-spouse is supposed to pay but doesn't, you will be held answerable.
Another dilemma is that since the family unit has split up and you are now living in a different place, you will not receive any notices so it is likely that you will not even be conscious that there is a trouble with these until they are really delinquent and they are already showing on your credit report.
While having your credit report being affected may seem terrible enough if the other spouse decides to declare bankruptcy, you could be held legally responsible for the total amount of the balance due even though the courts assigned it to your ex spouse. You may be targeted by the creditor as the lone alternative obtainable for them to collect the balance.
Unfortunately at this time the credit system is inequitable to the victims of divorce. Every so often a bankruptcy is the only way to finally finalize a split-up and that is disastrous for the ex-spouse that wants to be responsible and keep a good credit score.
However this state of affairs is just one illustration of why it is crucial that we have the right and we can repair our credit. We can dispute any item on our credit reports, including bankruptcies that we feel may be inaccurate, untimely, incomplete, ambiguous, misleading, untimely, unverifiable, prejudiced or unclear. by Sam Elliott