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Debt Responsibility Clarification
Summary
In Indiana, both the signer and co-signer are responsible for a debt if theres a default. The co-signer can seek reimbursement from the primary signer through indemnification, a legal principle allowing recovery of payments made on behalf of another. This obligation isnt always explicitly stated in contracts but can be pursued legally. If neither party pays, creditors may take legal actions like wage garnishment or asset seizure. Judgments remain on credit reports for seven years, affecting credit scores. Consulting a lawyer can provide clarity on indemnification and legal options.Full Conversation
Indiana defaulted on car payment. Judge ruled in favor of judgement against signer and co signer. Judgement now states remaining amt owed is full amount from both people.
It seems like you're dealing with a judgment for the full amount owed after defaulting on a car payment. Here are some general options you might consider:
- Verify the Judgment: Ensure the judgment accurately reflects any payments made.
- Negotiate a Settlement: Contact the creditor to negotiate a reduced amount or payment plan.
- Consider Bankruptcy: As a last resort, consult a bankruptcy attorney for advice.
Would you like more information on any of these options?
- Verify the Judgment: Ensure the judgment accurately reflects any payments made.
- Negotiate a Settlement: Contact the creditor to negotiate a reduced amount or payment plan.
- Consider Bankruptcy: As a last resort, consult a bankruptcy attorney for advice.
Would you like more information on any of these options?
Which is actually responsible for bill
In Indiana, both the signer and co-signer are generally responsible for the full amount of a debt if there's a default. This means both parties are liable for the entire remaining balance. If you need more detailed guidance on handling this situation, feel free to ask!
What if neither pay
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If neither the signer nor the co-signer pays the debt, the creditor may pursue legal actions such as garnishing wages, placing a lien on property, or seizing assets. It could also negatively impact both parties' credit scores. Would you like to know more about how to handle this situation?
If neither the signer nor the co-signer pays the debt, the creditor may pursue legal actions such as garnishing wages, placing a lien on property, or seizing assets. It could also negatively impact both parties' credit scores. Would you like to know more about how to handle this situation?
If nether work, own property or have any assets what then?
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If neither the signer nor the co-signer works, owns property, or has any assets, their exposure to collection actions may be limited. However, the judgment will remain, affecting credit scores and potentially future financial opportunities. Would you like guidance on dealing with creditors or understanding the impact on credit?
If neither the signer nor the co-signer works, owns property, or has any assets, their exposure to collection actions may be limited. However, the judgment will remain, affecting credit scores and potentially future financial opportunities. Would you like guidance on dealing with creditors or understanding the impact on credit?
How long does it remain
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The judgment will remain on your credit report for seven years from the date it was filed in Indiana. It will continue to affect credit scores and remain enforceable until paid or resolved. Would you like more information on negotiating with creditors or understanding the potential impacts?
The judgment will remain on your credit report for seven years from the date it was filed in Indiana. It will continue to affect credit scores and remain enforceable until paid or resolved. Would you like more information on negotiating with creditors or understanding the potential impacts?
If the signer doesn’t wor and has no assets will they take from coeigber
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If the primary signer doesn't work and has no assets, the creditor can pursue the co-signer to recover the debt. In Indiana, a co-signer is equally responsible for the debt. They may try to collect from the co-signer's wages, assets, or property. Do you need more information on how to handle this?
If the primary signer doesn't work and has no assets, the creditor can pursue the co-signer to recover the debt. In Indiana, a co-signer is equally responsible for the debt. They may try to collect from the co-signer's wages, assets, or property. Do you need more information on how to handle this?
Can the co-signer then suebthevsugner
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In Indiana, a co-signer can potentially sue the primary signer if the co-signer ends up paying the debt. This would be based on the principle of indemnification, where the co-signer seeks reimbursement for the amount paid on behalf of the primary signer.
Would you like more details on how to proceed with such a case?
In Indiana, a co-signer can potentially sue the primary signer if the co-signer ends up paying the debt. This would be based on the principle of indemnification, where the co-signer seeks reimbursement for the amount paid on behalf of the primary signer.
Would you like more details on how to proceed with such a case?
Yes
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In Indiana, a co-signer can pursue legal action against the primary signer for reimbursement under the principle of indemnification. Here are the steps involved:
- Consult an Attorney: An attorney can help draft a complaint and guide you through the legal process.
- Gather Evidence: Collect all relevant documents showing the payment made by the co-signer.
- File a Lawsuit: The attorney can assist in filing the lawsuit in the appropriate court.
Would you like more information on any specific step?
In Indiana, a co-signer can pursue legal action against the primary signer for reimbursement under the principle of indemnification. Here are the steps involved:
- Consult an Attorney: An attorney can help draft a complaint and guide you through the legal process.
- Gather Evidence: Collect all relevant documents showing the payment made by the co-signer.
- File a Lawsuit: The attorney can assist in filing the lawsuit in the appropriate court.
Would you like more information on any specific step?
Why can they sue when they signed as co-signer stating they would pay if signer didnt
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In Indiana, a co-signer can sue the primary signer for reimbursement under the principle of indemnification. Even though the co-signer agreed to pay if the primary signer didn't, they can seek compensation if they end up covering the debt. This is because the co-signer's obligation to pay does not remove the primary signer's responsibility to repay the co-signer for any payments made on their behalf.
If you need more information on pursuing this legal action, feel free to ask!
In Indiana, a co-signer can sue the primary signer for reimbursement under the principle of indemnification. Even though the co-signer agreed to pay if the primary signer didn't, they can seek compensation if they end up covering the debt. This is because the co-signer's obligation to pay does not remove the primary signer's responsibility to repay the co-signer for any payments made on their behalf.
If you need more information on pursuing this legal action, feel free to ask!
If that doesn’t remove the signers responsibility to pay what is Theo out bit the co-signer then
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It seems like the co-signer is questioning their liability and the potential to recover payments from the primary signer. Here are a few aspects to consider:
- Indemnification: The co-signer can seek reimbursement from the primary signer for any payments made.
- Legal Options: The co-signer may need to consult an attorney to explore their legal options.
- Credit Impact: Both parties' credit scores could be affected until the debt is resolved.
Would you like more detailed information on any of these points?
It seems like the co-signer is questioning their liability and the potential to recover payments from the primary signer. Here are a few aspects to consider:
- Indemnification: The co-signer can seek reimbursement from the primary signer for any payments made.
- Legal Options: The co-signer may need to consult an attorney to explore their legal options.
- Credit Impact: Both parties' credit scores could be affected until the debt is resolved.
Would you like more detailed information on any of these points?
First
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If the co-signer seeks indemnification, they can sue the primary signer for the amount they paid on the debt. This legal action reinforces the co-signer's right to be reimbursed, ensuring the primary signer fulfills their financial obligation. Would you like more detailed information on pursuing indemnification?
If the co-signer seeks indemnification, they can sue the primary signer for the amount they paid on the debt. This legal action reinforces the co-signer's right to be reimbursed, ensuring the primary signer fulfills their financial obligation. Would you like more detailed information on pursuing indemnification?
But the co-signer agreed to pay it and signed. Nowhere in that contract does it say the signer would reimburse. They are signing stating they will pay if signer cant
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In Indiana, a co-signer agreeing to pay if the primary signer can't doesn't remove the primary signer's obligation to reimburse the co-signer for any payments made on their behalf. The principle of indemnification allows the co-signer to seek reimbursement. Would you like more information on pursuing indemnification or understanding your legal options?
In Indiana, a co-signer agreeing to pay if the primary signer can't doesn't remove the primary signer's obligation to reimburse the co-signer for any payments made on their behalf. The principle of indemnification allows the co-signer to seek reimbursement. Would you like more information on pursuing indemnification or understanding your legal options?
Where does it say the signer is responsible for paying co-signer back
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In Indiana, the obligation for the primary signer to reimburse the co-signer isn't typically found in the initial contract but rather arises from the legal principle of indemnification. This principle allows the co-signer to seek repayment through legal action if they pay the debt. Would you like more information on how to proceed legally?
In Indiana, the obligation for the primary signer to reimburse the co-signer isn't typically found in the initial contract but rather arises from the legal principle of indemnification. This principle allows the co-signer to seek repayment through legal action if they pay the debt. Would you like more information on how to proceed legally?
What isvidenitication
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It seems you might be asking about "indemnification." Indemnification is a legal principle that allows a co-signer to seek reimbursement from the primary signer if they have to pay the debt. Would you like more information on how indemnification works?
It seems you might be asking about "indemnification." Indemnification is a legal principle that allows a co-signer to seek reimbursement from the primary signer if they have to pay the debt. Would you like more information on how indemnification works?
Yes because I don’t believe there is anywhere it is signed or posted the signer has to pay co-signer back. I feel it’s an assumed thing and not all signersvare aware ofbthis
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Indemnification is a legal principle that allows one party (the co-signer) to recover payments made on behalf of another (the primary signer). It's not always explicitly stated in contracts but can be pursued legally. Would you like more information on how to take legal action based on indemnification?
Indemnification is a legal principle that allows one party (the co-signer) to recover payments made on behalf of another (the primary signer). It's not always explicitly stated in contracts but can be pursued legally. Would you like more information on how to take legal action based on indemnification?
I just don’t agree with this
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Indemnification can indeed feel like an assumption if not explicitly stated in the contract, but it is a recognized legal principle. It allows a co-signer to seek reimbursement when they've paid a debt on behalf of the primary signer. If you’re considering legal action, consulting with a lawyer could provide clarity on this principle and your specific situation. Would you like more detailed information on pursuing this option?
Indemnification can indeed feel like an assumption if not explicitly stated in the contract, but it is a recognized legal principle. It allows a co-signer to seek reimbursement when they've paid a debt on behalf of the primary signer. If you’re considering legal action, consulting with a lawyer could provide clarity on this principle and your specific situation. Would you like more detailed information on pursuing this option?
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