Legal Question in Credit and Debt Law in Indiana

Loan Question

Some time back my father opened a signature loan at a local bank for me to pay off some bills. My father and mother are the signers on the loan. My mother filed bankruptcy and removed herself from the loan. My father is now responsible for the loan. I have been making the payments on the loan but am unable to continue doing so. I did NOT sign anything on the loan or a seperate letter stating that I would pay anything. My father has threatened to sue me for the amount of the loan. Does he have a leg to stand on since I did not sign anything for the loan? What are my options?

Thanks


Asked on 10/04/06, 9:50 am

1 Answer from Attorneys
C. David DuMond Law Offices of David DuMond

Re: Loan Question

Your father has an enforceable claim against you for the repayment of this debt, so a lawsuit against you would result in a judgment in his favor. I suggest you do what needs to be done in order to honor this debt to your father, who put his credit on the line to help you. He is probably already sorry he did so. Bear in mind that fathers can disinherit their ungrateful children with the stroke of a pen. Good luck.

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Answered on 10/04/06, 10:01 am


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