Legal Question in Business Law in Maryland

bag debt

I made a loan and my father cosigned it for me. The amount was for $2000. My dad died and I incurred expenses that I did not forsee. I stopped paying the loan payments and now they are taking me to court. Obivously they cannot collect from my father. What can I do and what can I expect? I have no money to pay them and work very part-time.


Asked on 10/15/07, 4:09 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: bag debt

Actually, if your father had assets and an estate was opened to probate them, the people suing you could file a claim against his estate. As for the case against you, they can get a judgment against you and then garnish your paycheck and any financial accounts you have in order to collect. In addition, a judgment will have a negative impact on your credit record, and impede your ability to borrow in the future. Your best course of action is to try and work out a payment plan that is within your budget and which is acceptable to them, then make sure you live up to it.

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Answered on 10/15/07, 4:30 pm


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