Co-Signed Car Loans
By L. Jed Berliner, Western & Central Massachusetts Bankruptcy Attorney on May 31, 2008 in Bankruptcy Myths, Benefits of Bankruptcy, Life After Bankruptcy
Yes, Virginia, you are responsible. You can go after your cousin or best friend or son after that person defaults on the loan and you’ve paid the lender, but the lender can come after you. Make no mistake about this. You signed on the dotted line, and you stuck your neck out.
The person owning the car is not relevant. Primary or secondary is not relevant. The zodiac sign in the heavens is not relevant. The so-called promise by the car salesman, well, I suppose it can help if the guy owns up and says that he told you that you weren’t REALLY responsible. Do you think this will happen?
Now, I know you didn’t come here to discuss bankruptcy protections but maybe that’s your only way out if you have other debts and are already struggling. Let’s have a talk.
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