Legal Question in Family Law in Illinois
Debt - cosigned loans - thinking of divorce
I am thinking of divorcing my husband. I want to know about the loans that I am the loans that I am listed on. Home loan, 2nd mortgage, car loan, I am the major signer on the loan, since he has declared bankruptcy and I could get a better rate in my name, he co-signed. Also, since I am the one with the great credit rating, I have done this on his daughter's car, she co-signed (she is 19 years old). What options do I have to get my name off of these loans? I don't want to wreck my credit because of a divorce and non-payment of these loans, since I wouldn't be able to afford them afterwards.
2 Answers from Attorneys
Re: Debt - cosigned loans - thinking of divorce
Another consideration is whether any of the debts incurred by you and your husband was prior to his bankruptcy. If your husband received a discharge on any of these debts, then he would not be liable for them.
All of this depends 1) on when the debts were incurred and 2)if they were incurred prior to his filing for bankruptcy, whether he reaffirmed any of them.
Good Luck,
Thaddeus J. Hunt, Esq.
Re: Debt - cosigned loans - thinking of divorce
You are still responsible if you co-sign. The lesson becomes - don't cosign. As far as the divorce issues, your debt will be most likely split if it was property obtained after the marriage. Your other alternative is to sell the items secured with the loans. You have the right to do so if your name is on title.
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