| defaulted auto loan What is the name of your state (only U.S. law)? Oregon, but husband's ex lives in California. In 2007, unknown to me, my husband co-signed a car loan for his ex wife. She defaulted in early 2009, and car was reposessed in May 2009. Husband says loan is upside down- 24.000 is still owed on car that's worth about $6,000. My husband has been informed money will be garnished from his account due to debt. Husband's income is from social security( he'sover 65) and army pension. He plans to pull his money out of account so they can't get it,not close account, and has advised his ex to do the same.
My questions are 1) can debt collectors garnish ss monies or army pensions-or are they exempt? 2) Other than interest, penalties building up what other negative consequences can accur from him not attempting to make good on loan? 3) We have no joint accounts, I have nothing personaly to do w/this-so how worried should I be? |