If I co-signed for a RV loan with my ex wife and theRV wasreposessed, am I liable for any loss/costs?
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If I co-signed for a RV loan with my ex wife and theRV wasreposessed, am I liable for any loss/costs?
I recently found out that my ex filed bankruptcy and had the RV repossessed. I didn’t know of any repo or bankruptcy. I am getting threatening letters from the bank saying that I owe them the balance of the loan after the vehicle was sold at auction. I never received any info that the loan was behind, the vehicle was being repo’d, or that they were selling it at auction. I never possessed the vehicle myself and would have done what I could have to catch the loan up and sell it myself, but I wasn’t given that opportunity. The balance is $25K which would probably send me into bankruptcy myself. Do I have any recourse with them not giving me notice of the loan default or the auctioning of the vehicle?
Asked on November 12, 2010 under Bankruptcy Law, Tennessee
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You need to seek help from an attorney in your area on the matter. How was the RV - arguably an asset of the marriage - divided during the divorce? What did you agree to? That maters here as to your recourse in the events that have transpired since, although the bank does not really care about that issue. To the bank you promised that you would pay if she could not. She could not so now they are legally within their rights to come after you. You are correct, though, that you should have had notice of all of this concerning the sale, etc. You have rights too. Do you have the original paperwork? If not then you need to get it. Go get help. Good luck.
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