Legal Question in Credit and Debt Law in Georgia

Re: I co-signed for someone

When lenders ask for a co-signer it is because they expect the person is likely to be a deadbeat. That should be reason enough not to co-sign for people.

When you cosign you agree to pay, so this will ruin your credit and you owe the full loan to the creditor.

You MAY, depending on what documents you have, have a right to sue your cosigner, but in the meantime you'll likely already have been chased by the creditor.

Re: I co-signed for someone

When you co-sign, you agreed to be liable for the debt with little or no control over whether the other person pays. This is the risk of co-signing. You can pursue the person for the amount you have to pay, but typically, if they need a co-signed in the first place they don't have many assets to pursue.