2007-05-07 21:44:45 · 4 answers · asked by shr_mann 1 in Politics & Government ➔ Law & Ethics
This should have been addressed during the divorce and he should have been required to refinance the debt. There is no way out being a guarantor unless you file for bankruptcy or he refinances the vehicle in his name only.
If he files for bankruptcy and you don't, you could held fully financially liable for the vehicle he is driving.
2007-05-09 02:43:15 · answer #1 · answered by bottleblondemama 7 · 0⤊ 0⤋
Honey! to my knowledge You can't. When you undertake to co-sign a contract, you are saying that you deem this person has character and will honour their bargain. You'll risk what you have to support this belief.In effect you do because the credit company, see it as a contract between them and you.You'll have to pay off the purchase or come to an agreement with them Maybe you can get the interest removed just pay the minimal balance owing. Sorry you were sucked in by being kind hearted. Never never in future be a guarantor for anyone. If their credit is so bad , they can't get a loan then it's because they've reneged more than once on a contract.
Good Luck honey.
PS. If you're paying for the car see if you have the rights to it. Ask the Credit company. If so go get it Pronto!
Good Luck.
2007-05-07 22:01:59 · answer #2 · answered by Anonymous · 2⤊ 0⤋
The only way to relive you of your obligation on the vehicle would be a petition in bankruptcy under Chapter 7 of the bankruptcy code. This would not lift the lein that the credit company has on the vehicle, but it would discharge the debt.
However, depending on your financial situation, that would be a rather drastic means of solving the problem. You need to consult an attorney to find out what other means of dealing with this you might have. If you need a referral, contact your local or state bar association.
2007-05-08 03:45:27 · answer #3 · answered by Phil R 5 · 1⤊ 0⤋
There's no method of doing so. Even a court degree in divorce court that he's responsible for paying does NOT change the fact that you are still legally liable to pay the loan company. The court order only means that if you do have to pay for it that you'll be able to file suit against your ex to get back what you paid when he failed to do so.
You always need to be careful when co-signing even with your spouse since it can come back at you credit wise, and not even divorce court will matter since the order is between you and your ex, not you and the loan company.
2007-05-07 23:55:30 · answer #4 · answered by caffeyw 5 · 2⤊ 0⤋