If I took a loan out for a friend who did not qualify and she has defaulted on the loan resulting in a judgement against me, do I have any legal recourse?

Asked on July 29, 2012 under Bankruptcy Law, Maryland

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You may but it will depend on if you can prove the "contract" between you.  I am assuming here that the agreement was not in writing, correct?  You are going to have prove evidence of the debt and her acceptance of repayment (her making the payments could be that).  Also the reason behind the contract matters as certain contract must be in writing to be valid under a law known as the statute of frauds.  Get help.  Good luck.


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