Can I be held liable for a debt if I co-signed a loan?

Yes, if you co-sign a loan you can be held liable for the debt. In California, there is a Consumer Debt Defense Law which states that co-signers are held to the same legal responsibility as the borrower when it comes to any loan. This means that if the borrower does not pay on the loan, the co-signer is held responsible for making the payments. The Consumer Debt Defense Law also makes it clear that co-signers have the right to pursue legal remedies against the borrower if they are not paid back in full. This includes going to court and filing a lawsuit to collect payment. Additionally, if the co-signer is the one ultimately responsible for the repayment of the debt, they may be able to have the loan discharged in bankruptcy and they may not have any legal recourse against the borrower. It is important to understand that if you co-sign a loan, you are legally bound to the contract and will be held liable for any unpaid debt. Therefore, it is important to make sure that you are comfortable with taking on the responsibility before deciding to co-sign any loan.

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Can I be held liable for a debt if I co-signed a loan?

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