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Can a creditor take a car I cosigned for if they have filed a UCC financing on me?

1 Answers. Asked on Jun 29th, 2016 on Debtor and Creditor - Michigan
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I took out a business loan with Kabbage and am unable to pay it. They have filed a UCC financing against me. I'm wondering if they can take a car I cosigned for for someone else?
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Answered on Jun 30th, 2016 at 7:04 AM

More information is needed. They can't just "file a UCC financing" against you. What agreements did you sign with them? What security did you offer? Is the vehicle in question in your name as owner?

David J. Hutchinson 106 N. 4th Ave Ann Arbor, MI 734-930-9000

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Debtor and Creditor
Just because you owe money to another person, a bank, credit card company, landlord or another party doesn't mean you've signed away your legal rights. Federal and state debtor-creditor laws explain both the legal rights and obligations of debtors (people who owe money) and creditors (those who are owed money). If you're being hounded by collection agencies and debt collectors, talk to a debtor and creditor attorney who can help you enforce your legal rights while also working to explore debt relief options. Your lawyer can discuss the pros and cons of debt settlement, garnishment, personal bankruptcy and other possible solutions.
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