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.
No just return the moneies
bankruptcies do not wipe out student loans by federal law, unless you can prove extreme inablilty to repay them
The spouse cannot be held liable, however it is quite possible that the debt is no longer valid for collection. The person who cosigned the loan should find out what the SOL is in the state in which the contract was signed.
The signers on a lease are liable for charges during the term of the lease.
Yes. If you default on your car loan you will remain liable for the debt.
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
If you co-signed a loan, you are fully and equally responsible for repaying it until such time as it is fully paid off or forgiven.
No, Kentucky is not a community property state.
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.
No 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
your husband will be liable only if his name appears on the loan or mortgage documents as a co-guarantor of the loan
no i dea that is why i am askingyou?
Not enough informnation is disclosed. In some instances, yes, they could be liable. It all depends on circumstances of the debt obligation.
Time is the best cure. The item will not have an impact on your credit report after 25 months from the date of payoff. Sorry. You may also do a letter of explanation, but since you signed on the debt it made you as liable as your daughter.
The only debt you're liable for - is anything in joint names. Any debt solely in his name died with him.
If you're the noncustodial parent, you might be liable. The fact that your husband has a child by someone else is irrelevant to this.
As a cosigner, You are jointly and separately liable for any and all amounts that might arise out of the finance note you guaranteed.
My husband passed away in July of this year. The medical insurance was in his name. We live in Michigan. Am I liable for his medical bills left behind?
If she's 18, she's reached the age of majority and is an adult. You have no responsibility for her debts except as follows: * Anything you cosigned * Any debts she ran up before she was 18
Only if the taxes were due more than 3 years prior to filing and there was no modification in the taxes due during that time. You are otherwise both liable for the full amount.
The estate is generally liable for all bills and expenses (not you). Hire a probate attorney to help sort this out. The estate will need an executor.
Hello i have asked this of many people and the answer i got back was yes what ever debt your husband has whether it is in just his name or joint names you are both liable for it. If like my husband its alot and you didnt know about it until it all went wrong then it sucks!!