Legal Question in Credit and Debt Law in New Jersey
My stepdaughter has run up unmanageable debt. Consumer Credit Counseling said she does not have enough income for them to be able to help her and suggested she get someone to cosign an loan for her. My husband wants to but we own our home together and I am not comfortable cosigning. Can he cosign a loan without using our home as collateral? What options do we have?
2 Answers from Attorneys
Consumer Credit Counseling has given you some of the worst advice I have ever heard. If your stepdaughter has unmanageable debt, why should you make it yours. If you want to give her a gift, do that and call it that. Pretending that you are making a loan that she won't be able to repay is foolish. She is probably a good candidate for bankrupcty. Have her consult with a good bankruptcy lawyer. As to cosigning generally, see http://info.corbettlaw.net/cosign.htm. See also: http://info.corbettlaw.net/lawguru.htm
DO NOT SIGN ANYTHING. IF YOUR HUSBAND INSISTS, THEN YOU HAVE A HUGE PROBLEM AND YOU (NOT YOUR HUSBAND) NEED TO TALK TO A LAWYER (DON'T BRING YOUR HUSBAND WITH YOU).
What Attorney Corbett said is correct. Do not make her problems into your problems. And if your husband insists on it, then you need to protect yourself.
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