Legal Question in Credit and Debt Law in California

Co-signer

Co-signed a loan for my son (motorcycle), the mortorcycle was totaled but had no insurance. I have since lost my business, am unemployed and during our Re-fi of our house was not listed on the new loan. What are the ramifications for this? He has not held long term employment since this episode and owns no property. The only items in my personnal name are two vehicles, one with 247,000 miles on it and the other with 80,000 miles.


Asked on 1/26/04, 9:23 am

1 Answer from Attorneys
Sheldon G. Bardach Law Offices of Sheldon G. Bardach

Re: Co-signer

You simply owe the bank the amount of the loan, less any payments of principal. If they can't collect the amount from execution of your assets, they probably would not go after you. Although they may "test the waters,"you should somehow make you lack of assets known to them.

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Answered on 1/26/04, 6:09 pm


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