If my son stop paying his loan that I co-signed for, what can I do?
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If my son stop paying his loan that I co-signed for, what can I do?
What does it mean when it says non-student loan?
Asked on April 2, 2015 under Bankruptcy Law, Mississippi
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
It's not clear what "non-student loan" might mean based on what you write, since we can't see the whole document; without that, we do not want to hazard a guess.
As to the rest of your question: if the loan is not paid in full each month, whether by, your son, or a combination, the lender can go after either or both of you--their choice--for the money; you could be sued due to your son's failure to pay.
If you are sued, however, you could in turn sue your son for his default, since that's what has caused you to incur liability. Of course, you might choose to not do that; or he might have not money or assets, in which case suing him is moot. (And if he has no money or assets, the lender is more likely to go after you.)
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