Legal Question in Credit and Debt Law in Massachusetts
my daughter is in the middle of a divorce and her and her soon to be ex are in debt to the point alot of her bills have gone to a collection agency. Her divorce lawyer told her she might have to delcare bankrupcy after the divorce. My daughter wants me to co sign right now for her to buy a new car. If I co sign, will the companies she owes money on bills can they come after me for payments?
2 Answers from Attorneys
Probably not, but you will end up being on the hook for her car. Better for her to file, then for you to do it.
I agree with the previous attorney. Co-signing is really almost never a good idea. It will allow her to purchase a car that she really can't afford, and when she fails to make payments, they will simply come after you and each missed or late payment will show up on your credit report. You would almost be better off just helping her afford the car on her own, and let her pay you back. If the couple would like assistance in settling their debts, as opposed to bankruptcy, they can feel free to contact our office.
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