We cosigned for a loan, and our son is not making payments, he has missed 5 payments, can we take him to civil court and have his wages attached $38K
Question Details: will a civil court award us the ability to attach his wages for the full loan amount? He has missed 5 payments, bank has sent us notices, but in order to protect our credit we pay every month. the loan amount was 18K but amortized out the full lenght of the loan with intrest it will be $38,098.80 can we get a judgment now for the full 38,098.80 amount so that we can attach his wages were he works? we live in California.
Business Law Answers
I see this situation far too often. It is a shame when children take advantage of their parents in this way.
Your remedies depend upon the documents you signed. In addition, the interest rate on this loan seems to be quite high. This is a bad loan from beginning to end.
Since you are liable for this entire loan, you need to take a more aggressive approach to the situation in order to minimize your losses.
I urge you to get legal advice on your options. One of those options would be getting a judgment against your son and garnishing his wages.
Contact me for legal advice.
Robert J. Spitz
909 395 0909
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