Legal Question in Credit and Debt Law in Texas

I co-signed on a boat loan with my ex girlfriend, then had a contract drawn up stating she was the sole owner and I just helped her secure the loan and had no ownership of the boat and she was responsible for all payments and financial responsibilities. We split months later and she was constantly late on payments totally screwing up my credit and the boat was ultimately repossessed damaging my credit even more. What I do to get out of this mess?


Asked on 4/14/11, 9:33 am

1 Answer from Attorneys
Mark Dunn Mark D. Dunn

I'm not sure there's a solution.

From the bank's point of view, they have (had) TWO debtors, and they aren't (weren't) interested in letting either one of you off the hook. They don't care if you're married, dating, or Siamese twins. And they don't care about any deal that you and the ex-girlfriend had between the two of you.

You can take care of this by paying the debt, but I assume that's not an option.

This may be one of those Learning Experiences we hear so much about.

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Answered on 4/15/11, 1:08 pm


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