QUESTION
What can I do if the person responsible for the loan is not making payments and I am her co-signor?
Asked on Oct 10th, 2011 on Bankruptcy - Georgia
More details to this question:
I co-signed for loan. The person did not make payment or try to make payment arrangement and now coming after me as co-signer. Can they attack my wage or bank account? What can I do if she won’t even call them? I was told to pay in full and no payment plan can be done now because it’s too late. I know she will try for bankruptcy and let me to pay.
1 ANSWER
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Unfortunately, the creditor can come after you for the full amount of the loan if she does not pay. They can sue either or both of you for the debt, and yes they can garnish your wages or freeze your bank account if they get a judgment against you. You can sue the person for the amount owed, but if she files for bankruptcy, you will just become another one of her creditors whose debt is discharged. You should consult with an attorney to help you arrange a settlement of the account.
Answered on Oct 31st, 2011 at 12:42 PM