Legal Question in Bankruptcy in Kentucky
bankruptcy
If I was a cosigner a debt during my marriage, and then during divorce ex said it had been paid, and my divorce decree says there were no outstanding debts between us at the time of divorce, am I liable for the debt if ex files chapter 7 bankruptcy?
2 Answers from Attorneys
Re: bankruptcy
Unfortunately, the answer is likely yes, you are obligated to the lender. You may have recourse against your ex-spouse, though, although you would have to prove both that the ex-spouse was liable AND that the obligation to you (to keep you from having to pay the loan yourself) was not discharged in the bankruptcy.
Re: bankruptcy
Yes, you would still be liable to the lender if you had originally co-signed on the debt. There should be language in the Separation Agreement that would protect you and give you recourse to seek indemnity (make ex make you whole) but you should get a lawyer versed in both bankruptcy and family law to review that document.
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