Legal Question in Bankruptcy in Illinois

I filed bankruptcy 7 years ago. My son was a co-signer on one of the loans. He was just contacted and told that he owed twice as much as what the loan originally was due to penalties. The loan was in the bankruptcy and he had not been contacted until now....seven years later. What can he do?


Asked on 2/22/10, 11:46 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

He might be able to negotiate with them, or file bankruptcy as well. Co-signers are liable for the entire debt. When you filed bankruptcy, the creditor could no longer pursue you for the debt, so your son became wholly responsible for it. Since it was obviously a written instrument, the statute of limitations is probably ten years.

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Answered on 3/05/10, 2:09 pm


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