Legal Question in Credit and Debt Law in Alabama

if i cosigne a loan for a coworker and the coworker fails to pay and files bankruptcy, am i liable to the credit union for payment?

Asked on 3/17/11, 11:08 am

1 Answer from Attorneys

William Pfeifer Pfeifer LLC

Yes, if your coworker does not pay the loan then the bad debt will appear on your credit report and they will sue you to collect the balance. If he or she files bankruptcy, then the debt will be entirely yours.

William L. Pfeifer, Jr.

Read more
Answered on 3/22/11, 7:04 am

Related Questions & Answers

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