Can I sue my ex-boyfriend who stopped paying on a bike that I co-signed for?

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Can I sue my ex-boyfriend who stopped paying on a bike that I co-signed for?

I co-signed on a bike which later turned out to be a credit card for my ex-boyfriend 4 years ago. The bike was stolen a year later. He stopped paying on the bike over 2 years ago. Do I have a right to sue him and get my name of the loan? Amount is $15,000 or so. I want to ensure that he pays the amount owed and that the debt goes off my credit.

Asked on May 1, 2012 under Bankruptcy Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You do have a right to sue him: when someone co-signs for a loan or a payment, and the other signor (the one who actually received the benefit of the loan or the purchase) stops paying, the co-signor can sue to force that person to pay the amounts he or she should have paid.

Unfortunately, you cannot get the debt out of your name--you are a cosignor for the loan, and therefore legally responsible for it. You cannot escape from that liability or obligation--the best you can due is sue your ex-boyfriend to recover the amounts you pay. Note that since you are legally liable for the loan, if you do not pay, your credit will suffer and you can be sued.

Given the amount of money at stake, you  should speak with an attorney immediately about suing your ex-boyfriend; good luck.


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