i am a cosigner on a loan that went default
2007-03-17 05:24:15 · 3 answers · asked by pipsqueak101 1 in Business & Finance ➔ Credit
It depends on what state you are in. Some states don't allow garnishment of wages for a loan.
Check the link below for your state to see what the laws are.
Also, if the company wrote it off, they can still sell it to a collection agency but in order to garnish wages in any state, you have to get a judgment so they'd have to sue you first. Have you been sued?
Also, you didn't say how long ago this was. If the statute of limitations has run on it, they cannot sue you. Statute of limitations also vary by state. Second link below has a list of the statute of limitations by state.
2007-03-17 05:30:34 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
yes. but only if they have a judgement.
try to start in courts where you cosigned the loan. they should have process served you first. but if they could not find you then alt service could have been done.
go to www.findlaw.com for more info
2007-03-17 15:51:20 · answer #2 · answered by CCC 6 · 0⤊ 0⤋
Depends on the state, but if they received a court judgment THEN YES.
Please DO NOT co-sign for people with horrible credit and good intentions.
They need a co-signer (sucker) for a reason.
It is your duty to NOT be that sucker.
2007-03-18 02:47:04 · answer #3 · answered by DaMan 5 · 0⤊ 1⤋