Will they come after me because I co-signed the equity loan? 5 Answers as of August 27, 2010

I co-signed an equity loan with a former partner of mine. Will the bank be able to garnish my wages for repayment of this loan if he files for bankruptcy?

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Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
Yes, you are still liable for the loan.
Answer Applies to: California
Replied: 8/23/2010
Law Offices of Juan Dotson
Law Offices of Juan Dotson | Juan Dotson
All banks will certainly come after you if you have cosigned any loan. Co-signing any loan is dangerous because you risk your credit, money, and relationship with the borrower in a single transaction. There are several steps the bank has to take before they can garnish your wages. You should consult with an attorney on ways to reduce your financial exposure.
Answer Applies to: California
Replied: 8/23/2010
The Doan Law Firm
The Doan Law Firm | Shawn Doan
His filing will not effect the creditors ability to pursue co-signors to a debt.
Answer Applies to: California
Replied: 8/23/2010
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