Legal Question in Credit and Debt Law in California

Credit

Cosigned on a loan for a friend. Friend defaulted on loan. Wondering if I can sue her for the remaining balance on the loan and the resulting damage to my credit. The remaining balance is under $1000.

Asked on 3/12/08, 5:13 pm

1 Answer from Attorneys

Stanley Moerbeek The Law Offices of Stanley L Moerbeek

Re: Credit

Yes, you could bring a claim against her for indemnification and unjust enrichment. However, claims for damage to your credit are a little more problematic, since you voluntarily cosigned for her. A judge may not be sympathetic to such a claim. That is why most lawyers tell their clients, "Your signature is one of your most valuable assets. Use it wisely."

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Answered on 3/12/08, 8:40 pm


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