Legal Question in Bankruptcy in Florida

As a co-signer, you are liable for the loan. Wells Fargo's remedies are varied, but yes, technically they can pursue garnishment, liens, etc. As for protecting yourself, yes there are some things you can do, but they take careful planning and implementation. This should be done by an attorney who has experience with these types of matters.

You are both responsible to pay back the loan in full. If your partner files bankruptcy, she will likely wipe out all of the debt. That means that you will still be responsible for paying it back 100%.

In order to collect from you, the lender would have to sue you and obtain a judgment against you in certain amount. Then, the lender could attempt to seize some of your assets, but there are many things that are protected under Florida law.

You might also consider bankruptcy yourself. That would likely wipe out the debt entirely. If you had other credit card debt or medical bills, those might be wiped out too. Whether you are a candidate for bankruptcy depends on your total household income and the value of your assets.

We offer a free initial consultation and would be happy to speak with you about the situation.