Legal Question in Credit and Debt Law in Michigan

Co-Signing By Seniors

My father co-signed for a loan when he was 85 years old for a young man's truck. My father had a brain tumor and other ailments and was not fully aware he might have to pay for the loan. My father passed away at 89 years old. The truck has been repossed and the creditors want the balance of the truck paid. At this point what can I do? Can this balance be deducted from his estate? What can be done by the government to stop seniors, after a certain age when they might not comprehend the outcome, from co-signing loans.

Thanks,


Asked on 4/25/05, 8:20 pm

1 Answer from Attorneys
Gregory J. Roth Gregory J. Roth, PLLC

Re: Co-Signing By Seniors

Your father's estate is open to a possible claim from the creditor on the deficiency (the balance of the loan), and the timeframe for the creditor to make a claim or sue depends on what is happening or has happened with his probate estate. Whether or not you father was legally responsible on the loan is a question of mental capacity, and unless he had a legal guardian in place, it may difficult to prove that he was not able to understand what he was co-siging. -Greg www.lawgreg.com

Read more
Answered on 4/25/05, 8:50 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Michigan