Can i get out of being on loan as cosigner?

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Can i get out of being on loan as cosigner?

I cosigned a loan for my now exwife for college. She now not paying it and planning on filing bankruptcy. I just want to know if there anyway I can get off of it.

Asked on October 16, 2018 under Bankruptcy Law, Indiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

No, unfortunately, you cannot get off the loan. The loan is a contract--in this case, among three parties: you, your ex-wife, and the bank/lender. The consent or agreement of all three parties is required to make any change to it, including to let one of the signers off the loan. And whether or not your ex would agree to this, the bank won't, since letting you off the loan gives them no advantage but rather reduces their chance of being paid, since it halves the number of people responsible for paying the loan.
Your divorce has no effect on the loan or the bank: the bank was not a party to your marriage or your divorce, and is not affected by the outcome of your divorce. You could try taking legal action against your ex-wife to force her to honor the terms of the divorce; speak with a family law attorneys about your options in that regard.


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