Going after the cosigner

by Elsia
(Simi Valley, CA, USA)

hello my father started a business in 2007 and i became an employee of this business i co-signed a credit card for my fathers business when i was 20 i did not know much about credit and he said i wouldn't have to worry... after a while i think 2008 the business went under or bankrupt and the card has a balance of $13,000.00 in collection that he can not pay and now they are going after me.. i have no income of my own to speak of but i am now married with 4 kids and my husband does not make alot... what can i do???

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Oct 20, 2011
 Going after the cosigner
by: Debtcollectionanswers.com

If your father's business filed for bankruptcy, then the credit card debt should have been erased, or discharged assuming it was included in the bankruptcy paperwork. However, from your question, it sounds like you are not sure whether the business went bankrupt or not. Also, if you personally guaranteed the debt as a cosigner, you may remain personally liable.

If the business did not go bankrupt or if it did and the debt you are writing about was not included in the bankruptcy, then as co-signer on the card, you are as liable for paying what is owed as your father is. Therefore, I recommend that you schedule an appointment with a consumer bankruptcy attorney right away.

You need legal help determining whether or not your father's business went bankrupt and whether the debt at issue was included in the bankruptcy. If it was not and you are legally liable for it, the attorney will be able to explain your options for dealing with the debt. Go here for a free consultation with a bankruptcy attorney. It's really important that you get legal advice of your own here so you don't get sued and end up with a judgment against you, which can further complicate your life.

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