Loans and Divorce

READER QUESTION

After our divorce, my ex didn't pay our car loan. Am I responsible?

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Bills.com Resident Expert
Dec 12, 2011
BILL'S ANSWER

The short answer is that you will likely have to seek legal counsel from an attorney in your area regarding loans and divorce. It is likely that you will have to pursue this account through a legal process, to force your husband to pay the debt. If you were a joint-borrower on the original account, the creditor will most likely pursue you and your husband to collect on the debt.

Creditors will not accept a divorce settlement as legally binding upon them, and they will pursue the co-signatories if the primary borrower defaults.

To read a longer, more detailed discussion of these issues, see the Bills.com resource Divorce Debt.

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