Legal Question in Credit and Debt Law in California
Hello,
My name is Abraham. I wanted to know if I co-signed for my brother and he defaulted on his car loan and the car was repossessed, can the creditor go after me for payment? and what are my rights as a co-signer? I can't pay his loan. Please help.
Thank you,
Abraham
Asked on 6/24/10, 10:30 am
1 Answer from Attorneys
Carl Starrett
Law Offices of Carl H. Starrett II
Yes, the creditor can pursue you for payment. A co-signer is promising to pay the debt if the main borrower cannot pay or refuses to pay. if this happens, you could file bankruptcy, sue your brother to get reimbursement or negotiate with the lender.
Answered on 6/24/10, 1:40 pm
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