Wednesday, February 25, 2015

My husband and I purchased a car I am the co-buyer the car is in default, are they going to go after his wages first or bypass him and go af...

Question

My husband and I purchased a car I am the co-buyer the car is in default, are they going to go after his wages first or bypass him and go after my wages



Answer

The auto lender could go after either of you at their option, but if you make more money, you may be first. They could do this even if you had not signed the note because, under the WI Marital Property Act, both spouses liable for the family purpose debts of the other spouse. The only to avoid this is to opt out of the act, which is fairly simple to accomplish with the help of an experienced estate planning attorney.

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