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

Yes, if you co-signed a loan in Washington, you can be held liable for the debt. When someone co-signs a loan, they are taking on the same responsibility as the primary signer. In other words, both the primary signer and the co-signer are legally obligated to repay the debt. In Washington, consumer debt defense laws state that creditors must treat both the primary and co-signers fairly. This means that creditors have to give both parties the same documents and information, and alert both of them to changes in the loan terms. If the primary signer fails to make payments on the loan, the creditor may attempt to collect the debt from the co-signer. This is known as “joint and several liability”, which means that both the primary borrower and the co-signer are responsible for the loan. In Washington, the co-signer may be able to challenge the debt or negotiate with the creditor in some cases. However, it’s important to note that in most cases, co-signers are held accountable for a debt even if the primary borrower never makes any payments. Therefore, it’s important to think carefully before co-signing a loan, as you may be held liable for a debt if you do so.

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

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