Legal Question in Banking Law in Iowa

responsibility as a co-signer
If you co-sign on a loan, and the person you signed for fails to pay,and you have since been put on long term disability because you were injured on the job, what are your options? As the co-signer, I am no longer able to make the payment the other person failed to make, because I have lost my job due to an injury. What can the bank do to me? I don't own a home, and my vehicle is paid for. Can the bank garnish my disability income?

Asked on 10/17/05, 4:51 pm

David Anderson Anderson Business Law LLC

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Re: responsibility as a co-signer

Probably not. What other debt do you have?

What happened to primary obligor?

Call or e=mail for further assistance.

Answered on 10/17/05, 5:17 pm

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