Dealing with Debt

questions & answers

Question: I was in a joint checking account with my 90 yr. old mother. She has no assets or income other than social security. She took out a $10,000 loan. I am not a joint account on this loan. She will need to default b/c she can no longer afford the payment. Will the bank come after me to pay the loan even though I did not co-sign on the loan? It is the same bank that I had a joint account with. it is the bank I do all my bank business with in conjunction with my husband?

Answer: A lender may be willing to work with your mother and find a solution that benefits both parties. You may need to consider contacting an attorney...one specializing in bankruptcy perhaps because bankruptcy may be the best option for your mother. If you didn't co-sign on the loan...more than likely you will not be held responsible with her non payment.

QUESTIONS

  • I was in a joint checking account with my 90 yr. old mother. She has no assets or income other than social security. She took out a $10,000 loan. I am not a joint account on this loan. She will need to default b/c she can no longer afford the payment. Will the bank come after me to pay the loan even though I did not co-sign on the loan? It is the same bank that I had a joint account with. it is the bank I do all my bank business with in conjunction with my husband?

STORIES

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