Legal Question in Credit and Debt Law in California

I was a co-signer to a loan originating in 2008, the person stopped making payment in a year then we worked with bank and resigned in 2010. For a year, he has not paid and now we are being sued in CA. The loan was from a bank in Texas, what are my options? My credit history has already been dinged!! Help!!


Asked on 11/01/13, 12:29 am

2 Answers from Attorneys
Kelvin Green The Law Office of Kelvin Green

Hire an attorney and see what you can negotiate. Unfortunately as a co-signor you guaranteed the loan and you are responsible.

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Answered on 11/01/13, 12:37 am
Carl Starrett Law Offices of Carl H. Starrett II

As a co-signor you are equally responsible for repayng the loan if the other person does not pay. The most likely options are (1) hire an attorney and try to negotiate a settlement; (2) sue the co-borrower for indemnity; and (3) see a bankruptcy attorney.

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Answered on 11/02/13, 9:16 am


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