What is a co-signer’s liability for payment on a loan?

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What is a co-signer’s liability for payment on a loan?

When I was living with someone, they purchased an above-ground pool for which I co-signed the loan. I was asked to leave approximately 2 years later. I have been paying the bill out of the goodness of my heart since then because these people are still my friends and I knew they couldn’t afford it. It has become a hardship on me to pay this bill. Am I legally responsible if I quit paying and they can’t make the payments?

Asked on April 26, 2011 under Bankruptcy Law, Delaware

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

As a co-signer, you are liable for the loan if the other signatory to the loan does not pay.  The lender could sue both your friend and you. 


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