I’m 22 and last year I was told I had to sign my Dad’s lease or move out. So I signed it as a cosigner. My Dad was incarcerated out of the country *in Canada* several months later. At the time I couldn’t afford to pay 2 months rent to get out of the lease and within days it became 3 months rent, so I left. I had to move out of state and even lost my job and eventually the car I relied on *it was his and I couldn’t afford the notes*.
The lease went to collections and they’re about to file a lawsuit over it. I’m the beneficiary on my father’s 401k but I can’t touch it because he needs to sign a waiver…he can’t send or receive legal papers where he is. I’d be able to pay it off *to the tune of $14,000* this moment but I can’t touch it.
I enlisted in the US Navy figuring I could slowly rebuild my life and rely on my decent credit rating but I’m now being told that I’m just as liable as him, that it’ll hit my credit within the month and if there is an open Civil suit attached to my name I cannot ship to Navy boot camp. I have no job, no income whatsoever and no assets. I keep reading that they can’t touch his 401k in a civil suit and I have no way to rectify this until after September when he is released to US custody. I’ve never missed a credit card payment and the thought of being sued at all let alone for such a large amount *we were never even told if the apartment was filled before the lease was up…so they’re probably DOUBLE charging rent which they said to my face they would not* and I feel my whole financial future is ruined.
Sincerely…the girl who’s been thoroughly screwed by her parent.
Am I better off waiting to get my Dad’s 401k released to pay it off OR filing bankruptcy? *not something I want to do or can afford either*
My opinion is you are better off filing for bankruptcy and breaking all the financial bonds to your father. If you explain the situation to the Navy they will understand. The bankruptcy will prevent any lawsuits so that will not be an issue.
If you are stone broke you may qualify for free legal help here. otherwise, click here to find a local bankruptcy attorney and go talk to them. If you take action now this will be completed in three months and behind you.