Will I be responsible for my husband's student loans in a divorce?
IF his student loans accumulated before the marriage, no you will not have to pay for them. However, if it is something that he did while you were married the court may see it as him provding for the two of you and you may be responsible for a share. I would contact an attorney and discuss when the student loans came to be and what you can do to get out of paying.
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The student's estate is responsible for paying their debt unless there was a co-signer. If there is no estate the lender is out of luck. If there was a co-signer the lender wi…ll seek payment from that party.
It depends. The simple answer is if you as the wife also signed the note, then you are also liable for the debt, if not then in most states you don't have to pay the loan. The… debt becomes the debt of the dead man's estate, and the creditor would have to file a claim in the probate case if they wanted to receive money owed for the car. Since most creditors place a lien on cars subject to a loan, the bank or finance company will have a right to take possession of the car if the note is not paid. In other words, you either pay for the car or the lender is entitled to its return.
If she incurred within the bounds of the marriage (after you were married). Then yes you are responsible. If they were incurred before then no you are not.
If parents of a student that needs a loan cosigner are divorced can both parents be used as cosigners so that one is not solely responsible in the event of default?
Yes you can, BUT, each party will be jointly AND seperately responsible. By that I mean that if for some reason one co-signer cannot pay their share, the other co-signer will …be TOTALLY responsible.
No, it does not morph into a marital obligation.
Go to salliemae.com and that will give you all the info. you need.
No. If he didn't sign the mortgage then he is not responsible for paying it.
I live in Illinois and when my spouse passed away 7/31/08 I was not responsible. I just called them showed them the death certificate and had them pick it up.
If it was taken out before you were 18, it's your parents. After that, it depends on the kind of student loan, and who signed the papers.
That matter must be addressed as part of the divorce proceedings. The divorce process should address all marital property and all the marital debts of the parties. If necessar…y, the court can order that a loan be refinanced in the name of one of the parties. That order would not be binding on the lender since both parties signed the note, but would be enforceable by the court against the obligated party. Any and all business between a married couple should be addressed at the time of the divorce. The lender has the right to recover the loan from either party if the payments are not made. For that reason, the loan must be refinanced in the name of a single party and the original loan paid off if that is ordered in the Separation Agreement.
If the debt was acquired during the divorce is could be taking into consideration.
In California, a community property state, all income and property of the family unit is subject to consideration for repayment of student loan debts. If student loans are in …default status and the borrowing spouse passes away the debt does NOT necessarily die with the borrower. Depending upon the value of the marital assets, liens can be placed on real estate and other assets to repay heal, subsidized and unsubsidized federal student loans.
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Federally Guaranteed student loans are linked to the borrower by their social security number. Only the person listed on the loan by SS# is obligated to repay the loan, not sp…ouses, parents, children, or anyone else.
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Who is responsible for a loan in deceased husband's name. Do I have to pay bank loan if house is in my name?
The estate is responsible for paying the debts of a decedent. However, in the case of a mortgage, the decedent transferred an interest in the property to a lender in exchange …for money. That means the decedent didn't own the property when he died. If you want to keep the property you will need to take over the payments. If the mortgage isn't paid the lender will take possession of the property by foreclosure. If the loan is not a mortgage then generally, the creditor cannot attach any unpaid debt of your husband's to your home. However, the estate should be probated. You should consult with an attorney who specializes in probate.
Yes. The banks and credit cards would like all of us to think we have to pay back loans and debts of our parents or spouses, but that is not true. We don't have to pay them.
no she cant be because she did not take out the loans out
It depends upon the type of loan, liability, concern, basis, security (at that time or later if change, with reason) and motivation. According to The Country Law, reason, time…, obligations and breech, in which the divorce had applied & obtained . There & Then the agreement for change of liabilility, concern, incintive, insurence, next of kin,