Ask Experts Questions for FREE Help !
Ask
    dandyrandy's Avatar
    dandyrandy Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 20, 2006, 07:00 PM
    Cosigning problems
    My dad cosigned for my brother about 10 years ago. The vehicle was
    Repossessed and I think the debt is upwards of 20k now. Last year my
    Brother filed bankruptcy.
    Recently my parents have been getting calls from some collection
    Agency. I heard since my mother didn't sigh they can't go after my
    Dad's assets since they're in both their names. However if she were
    To die they will be ready to do that. Is this true?

    Instead of ignoring the calls, should they deal with the problem?
    I've heard of Debt Negotiation, how does this work?
    Any advice out there?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 20, 2006, 07:10 PM
    Was the loan retired under your brother's bankruptcy? That could have released your father's obligation. Otherwise dad IS obligated. When you co-sign you assume responsibility for the debt.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Problems [ 2 Answers ]

:p :D in Allosteric enzymeswhat happens when the ATP concentration is high and when it is low and how is it regulated?

Cosigning leads to responsibility for what car does? [ 3 Answers ]

I am considering co-signing a car loan for my son but don't want any association with being liable for his driving if he hurts someone. If the car is registered in his name and I am the primary on the car loan am I liable? He is an adult.

Apartments and Cosigning Requirements [ 1 Answers ]

A friend of mine is trying to find an apartment. A rental has come up, but the landlord is requiring that he not only cosign, but have someone in the CITY cosign for him as well. He is - from out of state. - had a house foreclosed on him before. - does have pets (1 cat and 1 dog). Is it...

PC Problems! [ 4 Answers ]

I'm here in desperate need of help. My computer stopped reading c.ds today. It won't spin or anything, I can hear it try but it doesn't. I tried uninstalling and reinstalling the driver but... no dice. I don't know what to do now, what else can I do (besides get a new PC... not really an option,...

View more questions Search