If I co-purchased a car with my sister who defaulted on the loan and the car was repossessed, am I liable?
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If I co-purchased a car with my sister who defaulted on the loan and the car was repossessed, am I liable?
I do not have a license and never drove it but was served with a summons for over $10,000. When I say co-purchased I mean she talked me into buying it with her, not as a co-signer, with the promise to teach me to drive. Before you ask I was 38 at the time (long story). Is it easier to file bankruptcy?
Asked on June 8, 2012 under Bankruptcy Law, Arizona
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
It is difficult to undertsand here just what you think you signed and are responsible for. But if you are being sued then you co-signed some loan and were a co-borrower. As for what is the best option for you you need to speak with some one in your area on the matter. Your entire situation needs to be taken in to account. Good luck.
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