If i take out a bank loan for a friend (bad credit but very reliable) that has agreed to be solely responsible for paying it back, is there ...

Question

If i take out a bank loan for a friend (bad credit but very reliable) that has agreed to be solely responsible for paying it back, is there some sort of contract or document that we both can sign so that i will have no financial obligations in case of default?

Answer

If you take out a loan, then you must pay it back. period.

call me if you want a lawyer to help you have a better chance of getting paid back by your friend.

Answer

I have been writing for this service for some years and I have learned that any question that contain "boyfriend", "girlfriend" or "co-sign" usually brings bad news for the questioner. For some information that may help, see http://info.corbettlaw.net/cosign.htm

See also: http://info.corbettlaw.net/lawguru.htm