Line of credit
April 25th, 2008 by Questions
My husband and I are separated and working towards a divorce. I cosigned a line of credit some years ago, now he is talking about declaring personal bankruptcy. Will I be responsible for the line of credit once we are divorced?
One Response to “Line of credit”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
April 28, 2008 at 8:55 am, A licensed trustee said:
Unfortunately, if your name was never removed from the line of credit as a co-borrower and your ex files for bankruptcy then it is likely that the lender will come looking for you to repay the debt.
You should contact the lender to determine whether or not your name is on the debt and if it is, you should advise them of the separation/divorce. You should also make your lawyer aware of th debt as an issue that may need to be resolved as part of the divorce.