Legal Question in Credit and Debt Law in Michigan
bank loan
I have a line of credit loan with Bank,my husband never signed any paperes or gave his ss#. if I died ,would my husband be legally bound to pay this loan. I did use combined household income to obtain the loan, but its in my name only.
3 Answers from Attorneys
Re: bank loan
No, your husband would not be personally liable to pay the loan, which would be paid out of the assets of your estate if you deceased.
(Please do not rely on this communication which does not create an attorney-client relationship and which is intended merely as a discussion of legal principles and is not to be relied upon.)
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Re: bank loan
No, your husband should not be personally liable for any outstanding balance, but your estate might be.
Re: bank loan
If his name is not on the loan, then no, he would not be obligated to pay it simply because you are/were married, assuming you did not put down any marital propety as collateral (such as with a home equity loan).
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