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

Yes, if you co-sign a loan in South Carolina, you can be held liable for the debt. Consumer Debt Defense Law requires a co-signer to be equally responsible for the loan as the primary borrower. This means that the lender has the right to pursue legal action against either the primary borrower or the co-signer in order to collect on the debt. If the debt is not paid, both parties are equally liable in terms of paying the debt. In addition, Consumer Debt Defense Law in South Carolina also allows creditors to pursue legal action against a guarantor. A guarantor is a person who agrees to be held responsible for the payment of another person’s debt in the event that the primary borrower does not pay it. A guarantor’s responsibility for the debt is similar to that of a cosigner. It is important to note that the law does provide protections for borrowers and co-signers. If, for example, the creditor fails to follow the appropriate procedures, such as notifying the borrower of their rights and opportunities to dispute the creditor’s claims, then the debt can be discharged and the co-signer would no longer be held liable for the debt. In conclusion, if you have co-signed a loan in South Carolina, you can be held liable for the debt. However, the law does provide certain protections for borrowers and co-signers. It is important to always understand the implications of the loan before signing.

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

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