If you cosigned for a car loan for a friend and now the friend is not paying what type of lawyer do you consult?

Answer 1

First of all, get and keep the payments up to date, which is what you committed to do as a co-signer. I'm assuming you have already made every possible direct appeal to your friend, and you don't expect the friend to start making payments again or repay what you've paid. A lawyer who deals with Debt and Bankruptcy might be your best bet, but your options may be limited. You have committed to pay this loan, just the same as if you had gotten the loan for your own car, and your credit rating is at risk here. Your recourse will probably be limited to this friend, and it remains to be seen if a lawyer can do what your friendship will not. Unless you believe your friend actually has money to pay for the car, then what do you hope to accomplish? You should try to get the car in your possession, so you can protect its value as collateral. Hopefully you can sell it to recover the amount of the loan, unless you wnat to keep the car for yourself. Let all who read, learn to beware cosigning. I hope you will indulge some ancient wisdom. Proverbs 6 1My son, if you become surety for your friend, If you have shaken hands in pledge for a stranger, 2 You are snared by the words of your mouth; You are taken by the words of your mouth. 3 So do this, my son, and deliver yourself; For you have come into the hand of your friend: Go and humble yourself; Plead with your friend. 4 Give no sleep to your eyes, Nor slumber to your eyelids. 5 Deliver yourself like a gazelle from the hand of the hunter, And like a bird from the hand of the fowler.