Tough Debt Questions Answered

Tough Debt Questions AnsweredGetting out of debt is one of the biggest problems for many Americans. Between figuring out where to get the funds to pay off your debt, to knowing which debts should be paid off first, it can be a very stressful time. Make sure to consider these tough questions when you’re paying off your debt.

  • Should you borrow from your IRA or 401(k)? While borrowing money from these accounts may help to pay down your debt faster, it can also create bigger problems in the future. Try to find other resources to pay off your debt.
  • What if my ex is not paying down debts they were assigned in the divorce? If your ex-spouse doesn’t pay the down debt they were assigned during the divorce, it can cause your credit to be ruined. Make sure to ask your attorney about the possibility of holding your ex in contempt for not holding up their divorce decree.
  • Are my new spouse’s debts now my responsibility? Any debt that was incurred before your marriage is only the responsibility of the owner of the debt, even after you’re married.
  • Will settling with my ex help save my credit score? It doesn’t matter if you settle or pay off your debt; all the damage is done once the payments are past due.
  • Can I file bankruptcy for my student loans if I cannot find a job? Since there’s no statute of limitations on student loans, they will only be forgiven if the court is convinced that your present income and income in the future won’t be enough to allow you to pay off your loans.

Paying off your debt is one of the most important steps in buying a new home. When it comes time for you to buy a new home, contact Avis Lending in Irvine, California.

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