Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
You can file for bankruptcy if you want to wipe out the debt entirely.
Or you can wait until the debt collector sues you and then you can sue your friend at the same time to get reimbursed -- assuming that your friend has any money.
BotXXXXX XXXXXne is that if you cosign on a debt, you're liable for it, just the same as the other cosigners.
The only other way is to sue the other cosigners to pay their part of the debt.
Or, you could try to negotiate with the creditor to get out for a lower price. Other than that, bankruptcy is the only way out.