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What does the law say about co-signers?


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Posted by lc (69.19.29.78) on June 18, 2003 at 17:46:42:

I live in California. In 1988, when I was 19 or 20, my father co-signed so that I could get a credit card. Both of our names have been listed on the statements since then. For the first 4 years, I never carried a balance on the card for longer than two months. At that time I moved out of my parents home, and started carrying a balance, and that balance grew. The credit card company has only dealt with me on the account. When I moved, the statements still came with both of our addresses on it, but they only came to my address. I am preparing to file for bankruptcy (Ch. 7). Can the credit card company still hold my father responible for something that he co-signed on in 1988 with a much smaller credit line? The bank never asked for permission from my father to increase the credit line. When they called to speak to one of us, they only spoke to me. They have had no contact with my father other than when he co-signed, and listing his name under mine on the statements.


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