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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38910
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I was a co-signer for a friend and he is not paying the account,

Customer Question

I was a co-signer for a friend and he is not paying the account, now they are calling me, they want me to pay the debt, I dont want to paid for that debt, How a cant resolve this problem, PLEASE ADVISE
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 8 years ago.

You can file for bankruptcy if you want to wipe out the debt entirely.


Or you can wait until the debt collector sues you and then you can sue your friend at the same time to get reimbursed -- assuming that your friend has any money.


BotXXXXX XXXXXne is that if you cosign on a debt, you're liable for it, just the same as the other cosigners.



socrateaser and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.
but i dont want to file bankruptcy, there is not other way?
Expert:  socrateaser replied 8 years ago.

The only other way is to sue the other cosigners to pay their part of the debt.


Or, you could try to negotiate with the creditor to get out for a lower price. Other than that, bankruptcy is the only way out.