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    lottie maude's Avatar
    lottie maude Posts: 1, Reputation: 1
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    #1

    May 27, 2009, 05:55 AM
    I am a guarantor for a friend and she has stopped paying the debt
    I agreed to be a guarantor for a friend but she went bankrupt in December 2008. We then had an agreement that she would pay me back weekly but I haven't received anything. What can I do.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    May 27, 2009, 06:01 AM

    Hello lottie:

    There's NOTHING you can do except pay. I don't even think you can sue your friend because of the bankruptcy.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    May 27, 2009, 07:00 AM

    Yes, you can pay or you can go bankrupt, since she went bankrupt you can not even legally ask her for the money normally, you do have a right to go to the first meeting of creditors to discuss with the trustee.

    So because you promised to pay, you just keep paying and learn a lesson about promise to pay
    this8384's Avatar
    this8384 Posts: 4,564, Reputation: 485
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    #4

    May 27, 2009, 07:58 AM

    Just to clarify, 'cause I'm confused: if her friend went bankrupt, why didn't she include the debt that the OP guaranteed in her bankruptcy? If she included it, it should have been discharged.

    And if she didn't include it and it was not discharged, why can't the OP sue her for the money?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #5

    May 27, 2009, 08:01 AM

    Hello this:

    She probably DID include it. So it was more than likely discharged against HER. But, that doesn't mean the lenders can't go after the guarantor, and that's just what they did.

    excon
    this8384's Avatar
    this8384 Posts: 4,564, Reputation: 485
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    #6

    May 27, 2009, 08:03 AM

    And that, ladies and gentlemen, is why you do NOT co-sign :)
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