Legal Question in Credit and Debt Law in Iowa

Co signer.

My husband co signed for an employee an ATV. As you can

guess that person Quit taking the ATV with them. The call

from the collection person wanted us to pay. Not knowing

where or in what shape it was in we said no. It has now been

repossed, and sold. But they still want the money they did

not get for it from us. Do we have to pay half? Or is that

the other persons problem? The collection dept. has put a

hold on our credit and we can not refinance or home. Our

lawyer said it would take more money to take the co signer

to court. What do


Asked on 8/01/02, 10:41 pm

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: Co signer.

Thats the problem of co-signing, and exactly why the financiers want co signers, you dont just pay half , YOU PAY ALL OF IT< legal solution is pay it or file bankruptcy to discharge the debt .

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Answered on 8/02/02, 10:16 am


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