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I co signed a loan for my nephew

i have co signed a loan for my nephew if he stopes paying can i continue paying the loan and proceed with garnishing his wages.
if so how do i go about it.

thank you

Posted from: British Columbia

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One Response to “I co signed a loan for my nephew”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If your nephew stops paying a co-signed loan you can continue to pay the loan in his stead. But unless you have some sort of written documentation you may not have the right to sue him and garnishee his wages. This is because as a co-signer your nephew may not be legally indebted to you, he is indebted to the bank but has not obligation or contract directly with you, so it is questionable whether you have the collection rights that are availabe to a creditor. Now I would recommend you clarify this with a lawyer as this is really a legal question that would be best directed their way.