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I cosigned on a loan to a pair of ex-friends of mine. They

 
JD 1992's Avatar
  • Answered by:JD 1992
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Customer Question

I cosigned on a loan to a pair of ex-friends of mine. They can not seem to make the payments on time and i am worried that i am going to get stuck with it. There was no collateral and the balance is about 8000. Is there anything I can do to get out of it or scare them into paying it on time. We all live in Texas if that makes a difference.

 

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Country relating to Question: United States
State (if USA): Texas

Already Tried:
contacting the obligors through texts and phone calls.

Submitted: 331 days and 9 hours ago.
Category: Legal
Value: $28
Status: CLOSED

Accepted Answer

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Expert:  JD 1992 replied331 days and 9 hours ago.

The only way to get out of it is a bankruptcy, which obviously a last ditch choice.

There really is no good solution for you at this time. If they default you can sue them for the money but in Texas it is almost impossible to collect on a judgment.


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Expert TypeAttorney
Category: Legal
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Answered: 6/26/2012

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