Legal Question in Real Estate Law in Illinois

Re: Our son can't afford to pay his rent

Yes, it could adversely affect your credit if the landlord reports to a credit reporting company or turns the debt over to a collection agency. I would suggest discussing the problem with the landlord, rather than force him to go to significant expense and effort to evict your son. He has no obligation to be cooperative, but you won't know until you try. Maybe offer to pay for his advertising expenses to find another tenant?

Re: Our son can't afford to pay his rent

This situation can significantly create adverse credit problems for you in the future, as you stated that you were co-signors.

I would strongly suggest that you immediately call the landlord to try to "make nice". You will want to do this before he speaks to HIS lawyer. Under the terms of most, if not all, leases, YOU are liable not only for rent, but also the payment of his lawyer, court costs, etc. Therefore, why wait.