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LegalKnowledge, Attorney
Category: Legal
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Experience:  10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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My husband co signed on a $20,000 5 yr loan guy without my

Customer Question

my husband co signed on a $20,000 5 yr loan for a guy without my consent. Is there anything I can do to protect myself and my assets? Is there any way to negate this fiasco?
Submitted: 1 year ago.
Category: Legal
Expert:  LegalKnowledge replied 1 year ago.

Good morning. I certainly understand the situation and your concern. If your husband decided to co-sign and help a guy out, that is at his discretion ( and I am not sure why he would do this), so it is not a situation where you can now step in and undo what he did and agreed to, with this guy and the third party, who lent the money. However, you personally would not be liable and the MN Statute is in place, to personally protect you. I have provided it below. However, if the guy fails to pay on the loan and your husband gets sued, there could be a judgment against him and they could go after his income or assets which are under his name. I completely understand and see why you are mad( as I would also, especially if he did not benefit from doing this) but it was his decision and what was agreed with him and the other parties, so you could not just step in and undo this.


(a) A spouse is not liable to a creditor for any debts of the other spouse. Where husband and wife are living together, they shall be jointly and severally liable for necessary medical services that have been furnished to either spouse, including any claims arising under section 246.53, 256B.15, 256D.16, or 261.04, and necessary household articles and supplies furnished to and used by the family. Notwithstanding this paragraph, in a proceeding under chapter*****may apportion such debt between the spouses.

(b) Either spouse may close a credit card account or other unsecured consumer line of credit on which both spouses are contractually liable, by giving written notice to the creditor.

Expert:  LegalKnowledge replied 1 year ago.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

Expert:  LegalKnowledge replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!