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I co-signed for my son on a signature loan. The loan is for four years. He has made only three payments. The loan was taken out in June 2011. I have been force to pay it because he won' t . What can I do from legal stand point?
Optional Information: Country relating to Question: United States State (if USA): Louisiana Already Tried: Other than try talk to him nothing
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good afternoon. At this point, someone in your position would want to file a claim directly against the son. Once the suit is filed and ajudgment awarded, you become a judgment creditor and can have the sheriff servea summons on the losing party for a debtor examination. That forces the losingparty to meet the judgment creditor in court and answer questions under oathabout the losing party's assets. After that information is obtained, the judgment creditor has the power to garnish wages, attach bankaccounts, and/or have the sheriff seize other property to satisfy the judgment.
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Thanks for allowing meto be of service to you. Please be aware that the information provided here isnot legal advice. Rather it is simply general information. All states have intricacies in their lawsand any information given is simply information only and specifically is notintended to be, nor does it constitute, legal advice. This communication doesnot establish an attorney-client relationship with you. I hope this answer has been helpful to you.
Experience: Attorney/Developer