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If a husband has a student loan his parents cosigned for is the wife responsible for repayment of the loan if it should go into default?

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2005-11-26 05:03:17
2005-11-26 05:03:17

obviously the husband is yours? and the parents who co-signed are his? and you are the wife? If so, then no you are not responsible in any way. Your credit can't be affected, your assets can't be taken, you can't be sued, and won't have to pay anything in the event you divorce. If he took out the loans after you married, then in the case of divorce he could press for the judge to request you pay half of the debt and in most cases he will if you live in a community property state. If the loan was made before the marriage the debt is the sole responsibility of the person making the loan. If the loan was made during the marriage and the couple reside in a community property state the debt is joint, even if they were to divorce the student loan debt and all other debts and assets would be divided equally. In some states an "innocent spouse" defense can be used pertaining to certain type debts, such as student loans, gambling debts, and so forth. Wisconsin is one "CP" state that is quite liberal in the application of the innocent spouse rule .

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No. In community property states spouses are sometimes responsible for debts incurred by the other spouse even if the debt is not joint. However, such marital debt laws would not apply in the situation cited. The husband would not be responsible for repayment in case of default nor would his credit be damaged with the exception of possible problems when applying for joint credit with the cosigner wife.

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The husband, solely. Provided that his signature is the only one on the documentation as being the cosigner. If the wife's name also appears on that document, then both parties are responsible for the debt should the first payee default.

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The stepson should be the one responsible for the car loan. If your husband cosigned on the car loan, then you need to contact an attorney on this one.

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It's up to the judge and the laws in your state, but probably not. Likely you will be responsible for your exclusive debt, she will be responsible for her exclusive debt, and you will split shared debt and assets.

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You are responsible for co signing the loan. If you are partners with your husband in his business, have a loan together on the business, then yes, the business becomes an asset that could be attached if the loan you cosigned on should be defaulted on.

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It's difficult to say without more details. You should probably talk to a lawyer. The basic principle is that you personally may not be, but his estate probably is.

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A wife pays for her student loans. First the student has to pay for his own loans. Husband doesn't have to at all. Take legal advice. The repayment of the debt could be taken from her estate before any bequests.

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No, repossession is a civil action not a criminal one. You can be held financially responsible for the debt, though, regardless if the divorce petition states otherwise.

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If there is a default judgment against you, you will be responsible for the charges. Your wages could be garnished if you do not pay or set up a payment arrangement.

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No. Only the person who co-signed is responsible. Even in a community property state that debt would not be a marital debt. However, if the primary borrower defaults you wife will have to pay the balance and that, of course, may affect you.

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Unless any of the relatives cosigned for any loans then the creditors are out of luck and have to cut their losses. If one mate dies (say the husband) leaving a widowed wife, then she is responsible for paying off the debts and vice-versa. Other than that children of the deceased ARE NOT responsible for the out-standing debts of their parents should they both be deceased. Marcy * In the U.S. a surviving spouse is only responsible for repayment of the deceased spouse's debts if the accounts were joint or the couple resided in a community property state. (Texas and Wisconsin assess marital debt differently than do other CP states)

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No, your husband is responsible for his half. You can pay it for him but he should look for a job.

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In many cases the husband will be held responsible. They are deemed to have benefited from to goods and services.

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Noone in particular is responsible, as long as it gets paid. Whether it be by the family of the wife or the husband himself.

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You may be responsible, if it is not a legal separation.

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in any state wife is responsible for husband even if husband passed that is what insurance protects your loved one's from unfortunally she is responsible for all debts he has

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You are between a rock and a hard place regarding the loan if he will not give you the information about the loan. The loan will also show up on his credit report, but you may not have access to that, either.

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Only the two consumer's who signed the contract are responsible. The debt will show on your husbands credit report. If you apply for joint credit in the future, any accounts held individually or jointly with anyone else will be reflected on your credit report and may impact the score. So, if you anticipate wanting to get an account, or loan, with your husband in the future; it may be in your best interests to ensure this loan is paid as agreed.

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His estate has primary responsibility. The spouse will likely be held as responsible as well.

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It really depends on the situation.

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In Ohio is a husband for his wife's hospital bills and doctor bills?

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No, in this type of situation only the account holder is responsible for the debt. If there is no estate the debt will be voided. Please be advised this does not necessarily mean an unethical collector/creditor would attempt to convince family members they are obligated for repayment.


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