co-signing for a car loan

by Sharon
(Gladstone, MO 64118)

I co-signed for a car loan for my grandaughter. Of course she defaulted on the loan. I live on SS and a small pension and an annuity. The car was repoed. My question is can they take my annuity, or can I have them try to get the money from my granddaughter.

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Oct 31, 2015
Annuity and debt collection
by: DebtCollectionAnswers.com

It appears that under Missouri statutes, annuity payments are often exempt, with some exceptions that you can read about here: http://www.moga.mo.gov/mostatutes/stathtml/51300004301.html but we recommend you talk with an attorney to be certain, as we can't offer legal advice.

Keep in mind that for a debt collector to go after your property, they generally first must sue you and get a judgment. If you get any kind of legal notice about this debt, don't ignore it. Otherwise they may get a default judgment against you which could create a problem for you. If you have a good Legal Aid office in your area, they may be able to help.

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