Legal Question in Credit and Debt Law in Illinois

Loan

My son has car loan. He is owner and general signer, but because he was at that time 20 I did help him get loan and I'm co-signer. He moved to other state and stopped pay his loan payment. Now Credit Company asking me pays back his loan. What I can do to stop this. I can't pay his loan. Thank you!


Asked on 6/20/07, 1:59 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Loan

Unless you can get your son to refinance the car loan, you are jointly liable and they can go after you. If your son won't refinance, then your best option would be to file bankruptcy, but without knowing the rest of your financial situation, bankruptcy may not be the best option. Typically co-signors are also on the title of the car. Have they repossessed the vehicle yet?

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Answered on 6/28/07, 8:16 pm


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