After co-signing college loan, my son has been deaulting, credit collector wants me to pay immediately

Attorney answers (3)

1. 

   Walter C Oney Jr

   Fitchburg Bankruptcy Attorney

   Contributor Level 17

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   Answered June 12, 2012 16:12. Bankruptcy will not help you because student loans are not dischargeable except on a showing that no able-bodied person can make. You are just going to have to pay the debt. Your pay can be garnished. Your social security can be offset. Your life will be miserable, and (because of interest) there is probably no relief this side of the grave unless enough progressive people get elected to Congress to end the outrage that student loan collections has become.
   
   One tactic that people in your situation have sometimes used with success is a "perpetual chapter 13" case. Basically, you keep filing chapter 13 bankruptcy cases every 5 years. You will need to talk to a good bankruptcy attorney to explore this option.

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2. 

   Marc Wagman

   Chicago Bankruptcy Attorney

   Contributor Level 17

   1

   Lawyer agrees

   Answered June 12, 2012 16:39. Agreed a Chapter 7 bankruptcy is not going to help you for a student loan that was co-signed. A chapter 13 can repay the debt over time and keep the creditor at bay for the debt, but it will still survive. Garnishments can happen, social security can be attached etc. Retirement accounts cannot be touched if they ERISA protected. This is the risk of co-signed a student loan and the creditors are relentless on these loans. Speak with a bankruptcy attorney about the possible filing of a Chapter 13 to keep them off your back for five years.

   The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The... moreThe response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Illinois. Responses are answers to general legal questions and the receiver of such question should consult a local attorney for specific answers to questions. less

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3. 

   Mitchell Goldstein

   Glen Allen Bankruptcy Attorney

   Contributor Level 20

   Answered June 12, 2012 19:01. A Montana bankruptcy court disagrees with both of you. It all depends on her situation. See a local consumer law attorney for an evaluation of your situation. If yours is not one that is a candidate for discharge, then serial Chapter 13 cases will at least keep them at bay.

   Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice.... moreMr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation. Contacting Mitchell Goldstein or the Goldstein Law Group does not constitute legal representation, nor is any information you provide protected by attorney-client privilege until otherwise advised. less

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