Legal Question in Credit and Debt Law in California

Debt Transferance

I have helped out a friend who was in financial trouble, and now they are disable and unable to pay me back at this time. I have heard I may be able to do something called debt transferance to get this taken off my record and transfered to his. He has also not been able to start repayment on a loan I co-signed for him. Is there anything I can do to protct myself?


Asked on 7/08/06, 11:23 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Debt Transferance

Why would a creditor transfer your debt to him? Obviously his credit stinks, or he wouldn't have conned you into co-signing. Want to protect yourself? Don't ever co-sign. The bad credit should go away in 7 years or so.

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Answered on 7/09/06, 11:19 pm


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