Legal Question in Credit and Debt Law in Illinois

Runaway Ex

My ex-fiancee & I bought a car with me as the primary & him as the co-signer because I had stronger credit.We had a verbal agmt. he would refinance under his name. He took & hid the car from me & stopped making pmts. Collection agency now has law office after me. Am I liable to pay for car that was taken? Can they garnish my wages, take my savings or 401k? What options do I have? Police said car is not stolen.


Asked on 3/21/08, 5:33 pm

2 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Runaway Ex

Yes, co-signers are just as responsible for the debt as the primary borrower is. If they obtain a judgment, they may be able to garnish your wages. The police are correct--the car is not stolen since one of the co-owners has possession of it. Your only options are to work it out with him or sue him.

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Answered on 3/25/08, 5:42 pm
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Runaway Ex

It doesn't matter who is primary and who is co-signer, you are BOTH liable. Your 401k is an exempt asset but they can garnish your wages and savings/checking accounts if they get a judgment against you. Don't wait for them to sue, see an attorney about what you can do to get the ex to turn the car over or at least get him to pay for the car.

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Answered on 3/24/08, 6:09 pm


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