Legal Question in Credit and Debt Law in California

co-signer of a default loan

i co-signed a loan and the borrower

cannot be located. He defaulted and now I

am responsible for repayment. I have no

assets, no job and no money. What can

they do to me?


Asked on 12/01/06, 11:38 am

1 Answer from Attorneys
Carl Starrett Law Offices of Carl H. Starrett II

Re: co-signer of a default loan

They can report the matter to the credit bureaus, assing the debt to a collection agency or file a lawsuit against you for a money judgment. If they get a judgment, they can't do much to collect the judgment if you have no assets. But judgments also are valid for many years, so you might inherit property, get a job or otherwise acquire assets.

If things get really bad, you might consider filing for bankruptcy.

Read more
Answered on 12/01/06, 1:38 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in California