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Reply to PaulMJD's Post: I cosigned on a loan for a vehicle and it was repossessed and auctioned off. I was contacted by the bank that they wanted to know if I could pay-off what was left and they would correct my credit rating before they went to court. They tell me they can only come after me since the other party has no assests. Is this true, am I the only one liable for the rest of the money owed or is the other party just as responsible to pay or will the judge only have me pay since I am the one with something to lose?
Unfortunately, you will be the one responsible. You could seek to recover your money from the responsible party through a suit, but if they have nothing, then you get nothing. I am sorry for your situation. The best thing to do is try to make a deal with the company to reduce the amount you have to repay.
JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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