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rvlaw, Attorney
Category: Business Law
Satisfied Customers: 8386
Experience:  NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator
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I partnered in a mechanical business in 2003. I cosigned ...

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I partnered in a mechanical business in 2003. I cosigned for our first service vehicle for our company. My partner and I split at the end of 03 with him taking full legal ownership and responsibilty of the company. This past year he sold the company and defaulted on the vehicle, which was intern repossessed. GMAC is now looking for me to pay the balance of $2,800.00. My expartner took off to Florida to escape the creditors and has his house up for sale. What are my options? I do not have the money to pay this debt nor do I feel I should have to while he is still capable of paying.
Submitted: 9 years ago.
Category: Business Law
Expert:  rvlaw replied 9 years ago.


IF you cosigned on the loan, you are liable as well as he and the lender can sue either of you. It is easier to sue you only in the same state rather than him in FL. Hopefully, when you left he agreed in writing to assume all liabilities. Tell the lender your ex partner will be brought into any suit since it is not your liability as between you two. If sued, bring your ex into the suit.



This is information only, NOT legal advice. No attorney-client relationship has been created. Consult an attorney in your state for legal advice regarding your issue.

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