Legal Question in Credit and Debt Law in Florida
Cosignor Rights on Estranged Spouse Vehicle
What rights would a loan cosignor have on an estranged spouse's vehicle, if said spouse is making late/no payments and is negatively affecting the cosignor's credit? Would like to hear something along the lines of:
1) cosignor can pay the loan, take possession of vehicle or file suit to possess the vehicle as result of paying for said vehicle.
2) cosignor can 'negotiate' a requirement for spouse to obtain new loan for same vehicle, as part of divorce agreement.
3) any relief immediately available that will assist cosignor in keeping clear credit.
4) estranged spouse filed and received bankruptcy.
1 Answer from Attorneys
Re: Cosignor Rights on Estranged Spouse Vehicle
A co-signor is responsible to the creditor for payment of the debt. If the other signor has filed for bankruptcy and obtained a discharge as to the debt then the cosignor has no avenue of relief against the signor. The creditor may have obtained possession of the asset in the bankrupcy proceeding or the signor may have re-affirmed the debt. Until I know the status of the bankruptcy proceedings, there is no sure advice I can give. If you wish, call me at 305-940-8080
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
