After our divorce, my ex ran up an existing line of credit at her bank that I was a co-signer on many years ago. How do I get my name off the loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
After our divorce, my ex ran up an existing line of credit at her bank that I was a co-signer on many years ago. How do I get my name off the loan?
The line of credit had no balance at the time of the divorce so it was not an issue. After our divorce she ran it up to over $7,000 and she has been late with payments and it is hurting my credit score and I can’t get loans. We have both told her bank to take my name off but they won’t. I’m about to send a copy of the divorce decree. If this doesn’t work do I need to get a lawyer? How do I go about this?
Asked on May 25, 2009 under Family Law, Texas
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
As for the line of credit, you are not going to be able to undo the co-sign without the banks approval. I have never heard of a bank removing the cosignor without some for a substituted security. If you ex is in default, they can go after you for the full amount - even if she were to declare bankruptcy. You should hire a lawyer to try to negotiate a settlement of the debt. while it may hurt your credit, you can rebuild it over time. the sooner you resolve this the better you will be. get a lawyer that deals with divorce and explain the situation to him.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.