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Ester · Jan 18, 2006, 05:09 PM

I am a co signer on an auto loan. The auto was repossed serveral years ago and the remaining balance due was never paid. I am being sued for balance due, Interest and Legal fees. My question is can the sheriff sell my things and since my husbands not on the loan can they go after his truck that's in his name only.

Fr_Chuck · Jan 18, 2006, 05:30 PM

The sheriff is not going to sell your belongings,

They will sue you and get a judgment against you. Then they can attach any of your bank accounts, and garnish your pay check up to about 25 percent.

Depending on what state you live in, they may not may not be able to go after your spouses money also.

You are learning a hard lesson on not co signing for people.

fredg · Jan 19, 2006, 07:16 AM

Hi, Ester,
My wife co-signed a loan for a car also; but it wasn't very much money involved, couple of hundred dollars. She learned a valuable lesson when her "friend" did not pay off the remainder of the loan, leaving her with a small amount to pay off at the bank. She paid it, and we "wrote it off" as a learning experience.
The other answer before mine is very good. The Sheriff can't sell your stuff, but a "lean" could be put on anything you own. If the suit is for a large amount of money, you might consider getting a lawyer, who is experienced with this type of issue. He/she might be able to "negotiate" a proper settlement.
I do wish you the best of luck.