Q: As a result of my divorce, I'm left with more debt than I can handle. Is there an alternative to bankruptcy?

Excerpt : One of the often-unintended consequences of divorce is the burdensome debt that was formerly handled by two, now to be handled by one. Creditors hold both spouses liable for debt incurred during the


One of the often-unintended consequences of divorce is the burdensome debt that was formerly handled by two, now to be handled by one. Creditors hold both spouses liable for debt incurred during the marriage. Any agreement between the spouses regarding who is responsible to pay the debt need not be

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recognized by the creditor.

To avoid bankruptcy, one must become acquainted with bankruptcy law. You must determine you income/expenses and your assets/liabilities. If you have the ability to fund settlements with the creditors, you should avoid bankruptcy.

Other than just paying you debts in

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full, one option to avoid bankruptcy is to compare debt consolidation with debt negotiation. Debt consolidation is a payment plan in favor of your creditors to pay the debts in full over time with interest. Debt negotiation, however, provides for discounted cash settlements, which are customized to you

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ability to fund.

Most people are unaware of the possibility of negotiating with creditors to reduce the amount of money they owe them. I recommend that you seek out a professional - one who is not emotionally involved - who has experience handling creditors to give you a fair assessment of what the

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outcome of this strategy might be for you. In addition, arrangements can be made to minimize the negativity on your credit report.

About the Author

CuraDebt.com is a center for helping consumers nationwide become debt free without filing bankruptcy. The agency provides a FREE Debt Freedom plan

Also see : After Divorce: Seven Ways To Rediscover Your True Passion Going through a divorce is a very challenging time in a person’s life. It is hard to adjust to being single again, as well as living “out of the habit” of being married, especially if you have been married for many, many years. Eventually, you...read more Getting a Divorce Many of todayís marriages have divorce as end results. Typically, both parties in the divorce process aim to resolve all issues that is between them like property division, child custody and support. If you are planning to get a divorce,...read more

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