Legal Question in Credit and Debt Law in Maryland
co signing on car loan for son
I co signed for car loan for son and he is on my car insurance too. He has began not paying his bills since moving out. what do i do? he can't refince because his credit is so bad. I have to continue paying insurance do to my name being on the title. My credit has been very good since my husband walked out and i don't want to ruin it. I thought about just taking it yet i would still be resonsible for the 8000.00 he still owes. What if he files bankruptcy how would that affect my credit. Is there any way i can go to the court system to remove my name? Please help I can not sleep or think about anything else.
2 Answers from Attorneys
Re: co signing on car loan for son
Co-signing on a loan provides a lender with the knowledge that if the primary borrower--your son--doesn't pay, it can go after the do-signer--you. There really is no way to remove your name from the loan short of your filing for bankruptcy. If your son files, you're left solely responsible for the loan.
I'm sorry, but there really isn't much that can be done, short of filing for.bankruptcy yourself, to avoid paying.
Re: co signing on car loan for son
Co-signing on a loan provides a lender with the knowledge that if the primary borrower--your son--doesn't pay, it can go after the do-signer--you. There really is no way to remove your name from the loan short of your filing for bankruptcy. If your son files, you're left solely responsible for the loan.
I'm sorry, but there really isn't much that can be done, short of filing for.bankruptcy yourself, to avoid paying.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
