Legal Question in Credit and Debt Law in Texas

After re-posession can I retreive money from joint owner of credit card ?

I expect a motor-cycle, bought on a card for which I am joint-owner, to be re-posessed. Do I have any legal recourse at all against the other joint owner ?

Two years ago I co-signed a Yamaha Credit Card to allow a young man to purchase a motor-cycle.

He has the bike.

For about 12 months he paid his monthly bill.

Since then it has been intermittent.

He has not paid for last 4-5 months.

The current balance is around $9500.

I get daily calls from bank - card is frozen.

I expect the bike to be re-possessed.

I expect he will walk away and I will be left with the whole bill !

Do I have any legal way to get money from him ?

Should I pay off the card or do something legal first ????

I had perfect Credit 2 years ago. My score is now down to 630 and falling.

He will not answer phone calls or letters.

He has a violent temper and I am very scared of him.


Asked on 6/30/05, 7:53 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: After re-posession can I retreive money from joint owner of credit card ?

You can always sue him for any money you have to pay, for whatever that's worth. If your name is on the title, let the bank know that you wish to buy the cycle after it's repossessed. They may be able to make a deal with you where you are able to re-sell the cycle at far more than the bank would have received at auction.

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Answered on 6/30/05, 9:50 am


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