Legal Question in Credit and Debt Law in Georgia
Cosigner for car loan, Primary files bankruptcy.
My wife co-signed for car, and the
primary borrower filed bankruptcy.
My wife had moved and only received
notice through the IRS by means of a
1099C for the remaining debt after
car was sold. What laws are there
concerning her liability if she received
no notice. The company has stated
that they no longer have a copy of
the notice letter, but it's noted in
their files that they sent one to a
former address. The amount owed is
around 4400, and I'm wondering
what is the best route legally to take.
2 Answers from Attorneys
Re: Cosigner for car loan, Primary files bankruptcy.
She is liable by signing the original agreement - not by getting notice. It is not generally the creditor's responsibility to keep up with address changes. This is exactly the risk co-signers agree to take when they sign the documents.
Re: Cosigner for car loan, Primary files bankruptcy.
Your wife owes the money. Her reecourses are to pay it, work out a deal with the lender, or go bankrupt. It is always a bad idea to cosign loans, and one should only do it with the expectation that one will pay.
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