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

Yes, if you co-signed a loan, you can be held liable for the debt. In Florida, consumer debt defense laws protect you from being sued for the entire amount of the loan. However, if the borrower fails to make payments, the lender can hold the co-signer liable for the debt. When you co-sign a loan, you agree to be legally bound by the contract between the borrower and the lender. If the borrower is not able to make payments, the lender can pursue legal action against you as the co-signer for the remaining balance. This includes filing a lawsuit, garnishing your wages, and placing a lien on your property. Consumer debt defense laws in Florida exist to protect citizens from being held liable for debts when they have co-signed a loan. If the lender sues you for a debt, you may be able to have the court reduce the amount of debt or eliminate it entirely if the borrower failed to make payments due to circumstances beyond their control. It is important to understand the risks of co-signing a loan and to make sure that the borrower is capable of making the payments before you commit to the agreement. If you are in a financial situation where you may not be able to pay the debt, it is best to reconsider co-signing for the loan.

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

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