Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
First they can collect and call you. Then they can sue you if you don't pay. If they get a judgment, then they can freeze your bank accounts and get the money that way, and they can put a lien on your home to secure the debt. They can garnish wages to collect as well.
They can also go after him, his paycheck, his bank account etc.
A bankruptcy would stop the collection for whomever files, but the cosigner is still liable.
Let me know if you have any questions.
As I said I do not own a home, I rent. I do not have any wages, only Social Security benefits, and a small amount of savings. I do not have a husband so there is no income there to garnish.
You did not answer the question regarding my car, could they touch it if is jointly owned? and would it beneficial for me to file bankruptcy?
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