Legal Question in Credit and Debt Law in New York

Death of Cosigner with debt in Car Loan

I had my mother(parents are divorced) to cosign a loan to my car in July. She passed away recently and had Credit Card Debts among other debts. Her estate is not enough to pay off her debts, will they creditors come for me since she cosigned my loans? will they have legal grounds to do so? Will other companies(credit card) come after me since my name is on that loan she cosigned?

Also I have been keeping up with my payments on my car 100%. Also the car was originally placed in her name, she passed me the title of the car and signed it over to me and I have the piece of paper that has that as well.


Asked on 1/06/09, 11:36 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Death of Cosigner with debt in Car Loan

Individuals that cosign a note are jointly and separately responsible for the debt. Just becasue your mother died does not mean that your obligation to pay the debt is extinguished.

Mike.

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Answered on 1/06/09, 12:12 pm


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