Legal Question in Credit and Debt Law in New Jersey

co-signer on loan

I co-signed a line of credit for my daughter. She drew $5,ooo when I signed. Subsequently she later made other withdrawals until the balance got up to $12000. I never re-signed for any new withdrawals after the original $5K. She went bankrupt and now her payments are deducted from my acct. Am I responsible for antthing over the orig. $5K I signed for?


Asked on 9/29/08, 11:49 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: co-signer on loan

If you co-signed for the line of credit, you are responsible for any draws against it.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 9/29/08, 11:22 pm


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