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#1
08-03-2005, 06:05 PM
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Co-sign loanundefinedWhat is the name of your state?Georgia. My wife co-signed for a loan for her son (my step son) and the car was repossessed having a balance of over $6000. My wife and I have a joint checking account and I'm sure the colletion agency will sue for the balance. My step son nor my wife works and cannot repay the balance. My step son is 21 and lives with his father. Can they sue my wife and make me responsible since we have a joint account? |
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#2
08-03-2005, 07:08 PM
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| They can sue her and if they get a judgment, they CAN get their hands on any account with HER name on it. Sooo.. the best thing for you to do is get her name OFF the account otherwise you could lose it all. Then you'd have a fight on your hands to prove that NONE of the money in the account was contributed by your wife. How old is the repo ?
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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#3
08-04-2005, 04:02 PM
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Co-signThe car was purchased in 2003 and is a 2001 model. Repossessed this year. |
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#4
08-04-2005, 04:22 PM
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| Get ready to pay for the car. It sucks, but your wife did co-sign and accept the responsibility to pay for car if her son did not. Rather than embark on a tedious process of trying to hide assets and dodge creditors, my suggestion is to get out in front of this thing as best you can now. The finance company is going t osell the car at auction -- most likely for pennies on the dollar -- and bill both your step-son and wife for the difference plus costs. Step up and work out a payment plan before it gets to court and you can make sure that you can get an arrangement that is more benefitual for yourself. **Personal side note -- co-signing is very bad. All of the liabilities and none of the benefits. Avoid like the plague. ** DC
__________________ Three books every person should read cover to cover at least once: The Richest Man in Babylon, The Complete Works of Shakespeare and the King James Bible. -- If you can't learn how to live a happy successful life from those books, you are beyond hope. Quote:
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#5
08-04-2005, 05:09 PM
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Co-signThanks for the information but I didn't want my wife to co-sign and I'm not interested in getting in front of this thing. The car was sold and there is $6000.00 left to pay plus cost. I would rather take her off my checking account and take my chances with the creditor. I can't believe that I would be held liable if there are no ties to me. |
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#6
08-23-2005, 05:41 PM
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More informationDoes anyone else believe that I would be liable if there are no financial ties? |
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#7
08-23-2005, 09:09 PM
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| First of all, you are NOT liable for this debt in any way. The joint account doesn't make you liable, but the bank account IS an easy target and they can get their hands on it if they get a judgment. Take her name off the accounts, your money safe.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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