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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Husband cosigned ex-wife’s private student loan. She’s not paying. Can he file BK to relieve his obligation?

Husband cosigned ex-wife’s private student loan. She’s not paying. Can he file BK to relieve his obligation?

She agreed to assume responsibility for the student loan through the divorce decree. Now she isn’t making payments and it’s destroying my husband’s credit; so badly that we cannot refinance our home (or get credit for anything). We have very little debt, but she has made it apparent she won’t pay. How else can he get out from under this?

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3 Responses to "Husband cosigned ex-wife’s private student loan. She’s not paying. Can he file BK to relieve his obligation?"

  1. ResearchGirl27 says:
    If she has said in the divorce decree that she’ll take care of it, it shouldn’t be his responsibility. I would contact the holder of the loan to be sure that they are aware that they are divorced and that this is no longer a debt he is supposed to be responsible for to his knowledge. In my state (OH) we have not responsible ads that we file that work so that you’re not responsible for debts occurred after the date it appears in the local paper.I would investigate the laws concerning that at your local library. You could probably go to the local law library and get some help as well. Consult the att. (if one was involved) that he used to get the divorce and they may have some recommendations for you as well.
  2. Jan S says:
    A divorce has no effect on an agreement with a 3rd party lender unless the lender agreed to the terms as well. Bankruptcy won’t help you on this because: “The 2005 amendments to the Bankruptcy Code expanded the protection of student loan lenders to include private student loans. Thus no student loan is dischargeable in bankruptcy unless the court finds, in a specially filed adversary proceeding, that repayment of the loan would impose an “undue hardship” on the debtor and the debtor’s dependents.”

    Amended Bankruptcy Code § 523(a)(8)(B) adopts the IRS definition of a qualified education loan found in 26 U.S.C. 221(d).

    As I also learned the hard way – never co-sign for anything that you aren’t willing to pay for yourself. The loan people KNEW she was a credit risk or they wouldn’t have asked for a co-signer. The only way out from under it is to pay it off and then sue her. You might want to consider borrowing the money elsewhere for a payoff where you can control the terms.

  3. infinite crisis 247 says:
    the divorce decree was not enough here…as your husband would have had to have contacted the loan financier and with the divorce decree in hand (and his ex for verification) would have had to have had his name taken off as a cosigner. unfortunately, now that the account is deliquent, you both have a lot less options here. he (and unfortunatel you) are paying for poor planning and the vindictiveness of a cunning ex wife. ex’s can hurt you emotionally, they can hurt you physically, and they can hurt you financially. talk to a financial planner, and contact the judge and the loan company now!

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