Illinois Living Will Statutes
I had a car repossed 5 years ago. It was resold, and I owe $7800. How long can I be responsible for it?
I co-signed on a car for my ex husband while we were married. The car was repossessed (while we were still married) 5 years ago, and sold at auction. The amount owed is $7800. My divorce decree states my ex is responsible for the debt. He hasn’t paid it. Is there a statute for how long that amount can be collected on? No one has ever come after me for the debt. I live in Illinois. Also, if someone does, will my decree work in my favor?
They have 10 years to take the case to court to obtain a judgment. Once they have a judgment there is really not a SoL as it is for 20 years but can be renewed.
Your divorce papers will not protect you from the judgment as the loan company was not a party to the divorce. As such, the divorce papers can not order them to do anything.
In order to head this off and protect yourself, you can sue him and get a judgment against him. You can then pay the loan with the money you can collect.
School Law Part 3
