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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?
Limestone
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 .
Wiki User
∙ 18y ago
Wiki User
∙ 16y agoNo. 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.
Wiki User
∙ 15y agoNo he is not, my husband and i just went through this last tax season. I have a defaulted school loan from years ago. This past year when we filed our taxes the IRS tried to keep our refund. My husband had to fill out a form and mail it to the IRS stating he was not liable for my loans before marriage. I forget what the form was or what it is called
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If you are getting a divorce and your husband cosigned for someone who pays?
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.
Is step mom responsible for stepsons car loans after husband dies?
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.
You cosigned on a loan without mu spouses knowledge - Have you rished his business?
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.
Is wife responsible for any debt if the husband cosigned a loan for their son in a divorce?
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.
You co-sign for a car loan for your husband you are now separated What are your obligations?
You are responsible for any default.
Are you responsible for a Sallie Mae loan that your husband cosigned with his daughter if your husband dies ans his daughter is not paying?
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.
If you cosigned for a vehicle with your husband before you were divorced and are now divorced and the vehicle is repossessed can you be charged with grand larceny?
Typically, if you are a cosigner on a vehicle loan that gets repossessed, you are still responsible for the debt, regardless of marital status. However, being charged with grand larceny would depend on the specific circumstances and laws in your jurisdiction. It is best to consult with a legal professional for personalized advice.
Your recently deceased husband cosigned a home equity loan for your son Are you liable for the loan?
No just return the moneies
I am being sued over a car accident that my husband was involved in. Can my wages or teacher retirement be included in a default judgment?
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.
Is a husband responsible to pay for a deceased wife's student loans?
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.
What if the estate of does not contain enough money to cover all bills?
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)
Is husband liable for a car loan if his wife cosigned?
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.
