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If marriage is the most beautiful relationship between soulmates, divorce must be the ugliest. Even an amicable split can leave the finances of both parties in ruin. No longer is there another income to pay half the bills. More often than not, the credit rating of each spouse falls to shambles.

The good news is that getting through the divorce was the hardest part. While I would not define it as easy, rebuilding your credit after divorce isn’t so bad compared to what you’ve just been through. If you can live through that, you can do anything. So put your chin up and get to work. Here

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Paul R. Ridgeway founded the event planning firm that has worked with the National Football League on transportation, and the businessman once held the limelight while heading a campaign to keep the Minnesota Twins baseball team in Minneapolis.

Now, Ridgeway has filed for Chapter 7 bankruptcy, as the Minneapolis St. Paul Business Journal reports that the Ridgeway International Inc. founder has struggled with liabilities that outweigh his assets, and that his business offices have been foreclosed on.

The mortgage on the business headquarters is worth a little over $1 million, and it has been foreclosed on by U.S. Bancorp.

The Chapter 7 bankruptcy filing is not necessarily a surprise.

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Despite the budgeting, splurging, the holiday sales, and the inevitable panics over our credit card statements, our latest Credit Karma data shows consumers overall chipped away at their debts in 2010. Pause for celebration—Whooo!

From January 2010 to December 2010, the average consumer credit card debt fell from $7,925 to $7,404, a 7% drop nationally.

Here are more numbers to showcase the average American’s debt situation in 2010:

• Decreased home mortgage loans 4% to $173,340
• Decreased home equity 4% to $49,803
• Increased auto loans 4% to $15,274
• Increased student loans 10% to $29,016

But what we really want to know, Credit Karma users, is beyond these national averages of debts up and down, how are you personally doing in your financial situation?

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Credit bureau Experian announced last week that positive rental history will be included on credit reports going forward.

The move should help underbanked consumers, such as college students and recent immigrants, build credit history.

In the past, only subsets of negative rental activity were included on credit reports, so consumers’ credit scores could only be hurt by their rental history.

The company said one-third of the country rents and argued that on-time rental payments should be included to reflect the “true creditworthiness” of those who pay on time each month.

Banks and lenders also stand to benefit from the change, as they’ll be able to update their underwriting procedures to automatically capture a consumer’s rental payment obligations from a credit report, instead of inputting it manually.

They’ll also have a more accurate understanding of a consumer’s total monthly obligations to assist in making future credit offerings.

Experian noted that the addition of positive rental history on credit reports will boost credit scores for more than one in three consumers in the highest risk VantageScore® score band to at least the next highest score band.

VantageScore uses both a number and letter grade (A, B, C, D or F), and has a credit score range of 501-990.

It’s unclear if the more popular Fico score will utilize positive rental history, but it’s fair to say it would make sense.

All the more reason to ensure you make your rent payments on time each month.

Borders Group, the country’s second largest bookseller who has struggled in the face of a tough economy and competition from other major booksellers and media companies, has hired a team of bankruptcy lawyers to address its financial situation.

The Wall Street Journal reports that part of these bankruptcy lawyers’ job will be to keep the company “out of bankruptcy court,” according to sources that are close to the situation.

Borders is attempting to get $500 million in credit as it eyes a restructuring in the face of problems. Kasowitz, Benson, Torres & Friedman are the lawyer group who Borders has hired to work with this restructuring.

Payments stopped to big publishers and distributors last month. The res

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With the economy as it is and the job market in a bit of a slump, people are doing whatever they can to save a few dollars or make a few extra. Ebay, Craigslist, and similar sites are doing very well as people try to sell their belongings and long-kept valuables that are now antiques or collectibles. Hard times usually bring about creative means to make ends meet or to supplement regular incomes. One avenue explored by many homeowners is renting a room in their home; either to a friend or oftentimes a stranger. This can be beneficial to both parties or it could be a disaster for either or both parties.

There are many things to be considered for both the homeowner and the renter in this situation.

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