Line of credit
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?
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?
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.