Skip to main content
(404) 685-8800 Contact Us
What to Know Before You Sign The Pros and Cons of Joint Credit Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

What to Know Before You Sign: The Pros and Cons of Joint Credit

For many people, there are many advantages to opening joint credit cards and joint lines of credit. As with all things, however, there can be serious drawbacks as well. This can be especially true for married couples facing divorce. Financially strapped couples with joint credit may want to consider filing for bankruptcy before they divorce.

The Lure of Joint Credit

Joint credit is a convenient way to make sure two people have access to a common credit line. It is especially useful when one person has poor or damaged credit. Because the credit is reported on both people’s credit reports, joint credit cards and lines of credit are often a convenient way for many to help rebuild another person’s credit.

What many people do not understand is that the debt is not divided between both people. Each individual is responsible for 100 percent of the debt. So, if one person falls behind or does not pay the bill when they agreed to pay it, the non-payment will damage both people’s credit scores.

Joint Credit Often Poses Problems for Divorcing Couples

Joint credit can be especially problematic for married couples when they are divorcing. It is not uncommon for one spouse to ring up the debt on a joint account in an effort to get back at his or her spouse. Although a judge can order one person to pay back a particular joint debt in a divorce decree, the judge has no ability to change the terms of the original credit agreement. This means that even if one individual is ordered to pay a joint debt in the final divorce paperwork, credit card companies and collection agencies can still pursue the other joint account-holder for the debt.

Even when divorcing couples are not trying to get back at each other, joint debt can pose a problem. If the added financial strains of running two separate households become too much, it may no longer be feasible for a person to continue making payments for a joint debt. For this reason, many couples in Atlanta with joint debt often find it useful to file for bankruptcy before they complete their divorce.

Advantages of Filing Bankruptcy Before Divorce

Filing joint bankruptcy during divorce can be an expedient way to lighten the financial burden for both people as they prepare for the next stage of their lives. They can also save on attorneys’ fees. Instead of spending attorneys’ fees dividing the debt in a divorce, married individuals can apply the money towards one bankruptcy fee. Unlike joint credit, people cannot file bankruptcy jointly after they have been divorced.

Getting Help for Joint Credit Card Debt in Atlanta

Joint credit bonds people together, regardless of whether they are married or not. People should always be careful before signing a joint credit agreement with another person. Unemployment, sickness and other life events often make it hard for people to keep up with their bills.

When crisis strikes, there are options available. Families and individuals with joint credit card debt should speak with an experienced Atlanta bankruptcy attorney to learn how bankruptcy can help them regain control of their finances.

First Free
Appointment




Disclaimer Privacy Policy

I have read the Disclaimer and Privacy Policy

Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

Write a review