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I C0SIGNED A NJ HESSA LOAN WHAT ARE MY LIABILITIES, WHAT CAN THE LEIN COMPANY ATTACH

Rockaway, NJ |

I AM A 65 YEAR OLD WIDOW ON DISABILITY, MY DAUGHTER HAS BEEN UNABLE TO WORK DUE TO MENTAL ISSUES, I HAVE TRIED TO NEGOTIATE A SETTLEMENT THEY WANT MORE MONTHLY THEN I CAN PAY, I OWN MY OWN HOME BUT IT IS PRESENTLY MORTAGED, I HAVE NO EQUITY IN MY HOME, MY VEHICLES ARE BOTH MORE THEN 11 YEARS OLD. I HAVE NO SAVINGS ACCOUNTS NO IRA'S

Attorney Answers 3


  1. I am sorry that you are experiencing this problem with the co-signing of your daughter's loan. Unfortunately, co-signing is equivalent to being the original obligor when it comes to collection, therefore, the collections will continue. You can call our Firm at (908) 687-6161 for a free confidential consultation and we can explore all of your options, including bankruptcy.

    This response on Avvo does not constitute legal advice. No attorney-client privilege or representation is formed by this response.


  2. While I agree with Ms. Middlebrooks, I would also advise you to be careful about what information you give the student loan company as they will use any information you give them against you. A free consultation with a bankruptcy attorney is a good idea.

    The previous information is solely for informational purposes only. If you have further questions, please contact an attorney in your area for more specific answers. Responding to your question in no way creates an attorney/client relationship, and none of the specific guarantees of privacy exist. If you have found this information helpful, kindly check the "helpful" box.


  3. Bankruptcy may not be the answer for either or both of you, because student loans, generally, are not dischargeable in bankruptcy. In certain cases, such as yours, if you can show that paying off the loan will cause "undue hardship," then the loan may be dischargeable. "Undue hardship " means that if the loan is not discharged, you will not be able to maintain a minimal standard of living. There are consequences to a bankruptcy, so you should talk to a bankruptcy attorney, such as myself or my colleagues.

    The collection agency cannot "attach" a lien on any of your assets without a judgment.

    I agree with my colleagues that you may want to talk to an attorney.

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