Legal Question in Credit and Debt Law in Illinois
collections?
My husband co-signed on multiple school loans for his son. We are beginning to get notices from collections that he is not paying. Would are joint marital assets (house, cars, etc) be safe from collection if they were put into Trust?
Asked on 7/24/08, 2:03 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: collections?
Hard to say. A judge might say that conveying your property to the trust was an attempt to defraud creditors. Unfortunately, co-signing means that the co-signer is responsible for the debt.
Answered on 7/25/08, 8:52 am
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