What are my rights as a co-signer to a loan headed for divorce
February 20th, 2009 by Questions
I have been separated almost 1 year in March, I want a divorce. In good faith a few years ago I co-signed a loan to consolidate my husbands bills he accumilated and some bills with loan sharks without my knowing. Thinking lessons would be learned. I had no debt. I have since learned that he is 2 months behind on his bank loan, it is still within the branch and has not gone to collections. What do I do. I aqm raising his 2 kids, with little support or help from him, can they just come in the garnish my wages? Can I take the risk and claim bankrupcy, to get my name off the loan. I pay my bills every month. I am worried about being responsible for his mistakes for the next 8 years and having whether he has payed this months payment over my head. He does not have anyone to co-sign for him. I have tried. Please help. Can a lawyer help me out of this?
Posted from: Ontario