What to do if I co-signed for a $2500 loan, they quit paying on it and now it’s up to $4000?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if I co-signed for a $2500 loan, they quit paying on it and now it’s up to $4000?
The collateral on the loan is a truck, the loan company will not repossess the truck they say it isn’t worth enough. They called me yesterday and said that they are going to garnish my wages. I cannot afford to pay the payment or have my wages garnished. The co-signer no longer has a job so I am solely responsible. I would like to know if I can legally do something to get my name off the loan or lower my payment as to where it’s affordable.
Asked on November 9, 2012 under Bankruptcy Law, Ohio
Answers:
eric redman / Redman Ludwig, P.C.
Answered 11 years ago | Contributor
you are legally responsible for the whole amount. the creditor can sue you, get a judgment, and garn 25% of your wages til paid in full. the atty might allow smaller payments- you have to negotiate that.
if you have enough debts you might consider a bankruptcy to get a fresh start.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.