Legal Question in Credit and Debt Law in Wisconsin

I opened a credit card to purchase an ATV for friend. The friend signed an agreement to pay 150 a month until the credit card was paid off. He paid me continuously for about 16 months but he has since stopped paying me and said he would not make future payments either. I still owe 4900 on the card and it's not an option to reclaim the property. Should I pay off the card and THEN take him to small claims? or can I get a judgment for the full 4900 since that's what is owed on the card?

Thank you

LuCretia


Asked on 12/07/10, 2:12 pm

1 Answer from Attorneys
JAY Nixon nixon law offices

Assuming that your friend is not worth suing, your immediate concern should probably be with protecting your self by minimizing harm to your own finances. If you have a way to pay off high interest rate debt such as credit cards, this is nearly always a better idea than paying high interest rates and making little progress against the underlying debt. However, you could sue a co-obligor either before or after you pay it off there is no need to wait. If you have other financial problems, you may also want to consult with an experienced bankruptcy lawyer about discharging this and other debts which if you cannot handle them. My comments here are not intended as legal advice but rather are offered only for public educational purposes. My response here is therefore does not create a traditional attorney client relationship, although I would be more than happy to discuss possible representation with you via a private email, phone call or via the inquiry link on my office

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Answered on 12/13/10, 5:09 am


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