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Law Girl
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Category: Bankruptcy Law
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MY EXHUSBAND IS FILING BANKRUTCY AND WE HAVE ONE JOINT LOAN

Resolved Question:

MY EXHUSBAND IS FILING BANKRUTCY AND WE HAVE ONE JOINT LOAN THAT I AM A COSIGNER FOR. I WAS CONTACTED TODAY BY A COLLECTION AGENCY OFFERING ME A SETTLEMENT ON THE LOAN IF I CAN SET UP PAYMENT WITHIN 48 HOURS (6,000.00). IS THERE ANYTHING PROTECTING ME AT ALL? i WAS NEVER NOTIFIED THAT THE PAYMENTS WERE NOT BEING MADE. ANY ADVISE?
Submitted: 9 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 9 years ago.

Thank you for your question.

 

Unfortunately, as the co-signer on the loan, you can be held responsible for the loan. Especially in the event of your ex-husband's bankruptcy, the creditor has the ability to come after you for the full amount owing on the loan. I am sorry, but there is no protection for you, despite the fact that you did not know what was going on with the payment of the loan. Your best bet may be to try to work out some sort of payment plan with the creditor to avoid any legal action from being taken for nonpayment of the debt.

 

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.

 

Good Luck!

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