Legal Question in Credit and Debt Law in Illinois

Who owes after divorce for co-sign?

If I co-sign a loan with my spouse and we divorce and the divorce decree states my spouse gets ownership of the property I co-signed for and then my spouse defaults on the loan, am I still responsible for the loan?


Asked on 10/16/07, 4:09 pm

2 Answers from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Who owes after divorce for co-sign?

Yes, but if the divorce decree says that spouse will hold you harmless and/or refinance the loan, you can go after spouse in court for reimbursement.

Read more
Answered on 10/19/07, 11:02 am
Thomas Moens Moens Law Offices, Chartered

Re: Who owes after divorce for co-sign?

Yes.

Read more
Answered on 10/18/07, 3:19 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Illinois