Throughout our lives we will be faced with the opportunity to help out family and friends in need of financial assistance. A common way for people to achieve this is through co-signing on a loan. When you co-sign with someone else you make yourself equally liable for the debt with the co-borrower. If everything goes according to plan, the co-borrower will make all due payments on time until the account is paid in full.
But when the person you were trying to help misses a payment, or worse yet, stops paying on the note, you can expect to start getting harassing phone calls and letters. If the account is not brought current some time thereafter, the lender could take the next step in the collection process and file a civil lawsuit against you seeking to recover the outstanding balance. This is a very serious matter because a lawsuit can lead to a judgment that would allow the creditor to garnish your wages from your paycheck or even freeze your bank accounts and remove the funds.
While it’s unfortunate anytime we do something that’s meant to be helpful and it comes back to bite us, here you may have a means for putting it behind you. Filing bankruptcy can eliminate your liability on the co-signed loan, thereby “undoing” your good deed gone bad. If you have co-signed on a loan with someone who has stopped making payments, it may be time to consult with a bankruptcy attorney to investigate your options for resolving the situation.
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5.0/5.0Starting the process of bankruptcy can seem scary. However, working with Jeff Field & Associates made it very easy. They explained everything so clearly and helped my spouse and I, walk through every step of the process. Definitely recommend!
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I highly recommend them the did a great job with my case and made the steps very easy they worked with me every step of the way on completing all my paperwork highly recommended them
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A few months ago, I had to file for bankruptcy, and this team made the whole process so smooth. They answered every single question I had and walked me through everything step by step. Honestly, all I had to do was sit back and let them handle it; Th...
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An exceptional bankruptcy attorney—professional, compassionate, and highly knowledgeable. They guided me through every step with clarity and confidence, easing my stress. I truly felt supported and well-represented. Highly recommend their services ...
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I was referred to Jeff Field by a co worker my experience with them was effortless after initial contact everything else flowed well. I was able to ask questions, and received answers immediately. Everything was done by email and over the phone very ...
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