so a co-signer is not liable just by the mere act of co-signing except for in 2 situations:
1. the co-signer is also on title on the vehicle, as that makes the co-signer a part owner, and thus liable for the car
2. the co-signer engaged in negligent entrustment: basically this requires the co-signer to co-sign, even knowing that it poses an unreasonable risk to the public based on the driver's past history (ie history of drunk/reckless driving, history of medical conditions that can create safety concerns while operating a vehicle, etc) Absent that it is very difficult to impose liability on a co-signer.
If the plaintiff prevails and there is a judgment, that person is called a judgment creditor. Under Florida's homestead laws, only liens pertaining to the residence are allowed on homestead property. Here is an article that explains that.
Normally the case will settle for the limits of the insurance policy unless the injuries are serious and the policy is insufficient. Needless to say, it is best to hire an attorney to help prove that the damages sought are excessive, and/or to contest any issues presented by #2 above, if applicable.
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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.