Legal Question in Consumer Law in Illinois

Collecting from a person who bailed out on a Truck load

I recently obtained a loan for a man I thought was a friend, he traded his truck in , which he still owed on and then purchased a new truck, My name is listed first on the loan , he is the co signer

2 months into the loan he say's I cant make these payment and left me to take care of the loan, I currently have the truck up for sale and will not be able to sell it for payoff on the loan, could be 10,000 to 15,000 left to pay. Can I take him to court to pay back the difference since he was upside down on the loan for the truck traded in??

I need to know what my rights are

Thank you


Asked on 6/25/08, 11:59 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Collecting from a person who bailed out on a Truck load

Sure you can sue him. You will need to be able to prove to the satisfaction of the court that he owes the difference. The small claims limit is $10,000.

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Answered on 6/26/08, 10:58 am


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