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My 87 yr old dad's bank just got closed down and he has to open a new account. I guess 25 years ago I signed on the account. He's asked me to re-sign. he's got a bunch of potential issues going against him and I don't thing co-signing makes sense.
I'm assuming they can go after co-signers for debt? Into my own personal account? Any idea if they can go after me based on previous co-signing?
And I still need to help him if he becomes sick, etc, etc. Any other way to be able to write checks or disburse funds for him without being a cosigner?
questions
i have questions.
1)was the account voluntarliy,or involuntarily closed down?
2)hate to pry,but what issues besides the bank account does he have?
jmho if he still needs a co-signer to get a bank account because of these issues then he doesn't deserve the right to have any control over money.you need to look into this asap.btw yes by co-signing any creditor can go after you so you need to look into what you need to do to get control besides co-signing for him.
Thanks for response . . .
The entire bank was closed down and is considered a failed bank. So not just his account.
The other issues is he owes a bunch of money. CC debt but bigger concern is with tax issues.
And he's in great health, both mentally and physically but who knows how long that will last at 87. I think we're already pushing our luck!
So if I was a co-signer for last 20 years, am I liable for anything during that time?
no
if only the bank account was co-signed by you then no.if that was the case you would have been contacted in some form.so again no you are not liable for anything but the bank account.
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