Legal Question in Credit and Debt Law in Missouri

Co-signed car loan

Have car loan with friend as co-signer taken out about 18 months ago or longer. His name is first on the loan. I am unable to keep the car. Financially impossible. I would like to return car to bank or him. His parents have power of attorney. What can they as co-rigners do to me in garnishment, etc. as my job now only pays 6.00 to 7.00 per hour. Cannot afford for this to happen. Have tried other ways to work our, cannot refinance due to lack of much credit history. Help is appreciated. thanks


Asked on 5/01/03, 10:20 am

1 Answer from Attorneys
Anthony DeWitt Bartimus, Frickleton Robertson & Gorny, PC

Re: Co-signed car loan

Depending on the amount of the note, they can either sue you in small claims court for the amount of the note, or they can sue you in associate circuit court of circuit court. If they get a judgment (and only when they get a judgment) they can file a garnishment against your wages and your bank account.

One way to prevent this is bankruptcy. You should probably see an attorney who works in the area of debtors rights. You can find such an attorney through Law Guru, or you can obtain one through the Missouri Bar Referral Service.

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Answered on 5/01/03, 10:27 am


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