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

Asked over 2 years ago - 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. Melinda Dee Middlebrooks

    Contributor Level 9

    Answered . 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... more
  2. Stuart M Nachbar

    Pro

    Contributor Level 17

    Answered . 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... more
  3. Jordan A Stern

    Contributor Level 10

    Answered . 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.

    The information posted by the Law Office of Jordan A. Stern on Avvo is not legal advice. Consult an attorney for... more

Related Topics

Cosigners and bankruptcy

Cosigners can run into trouble if the borrower declares bankruptcy. An automatic stay won't help a cosigner, but some bankruptcy chapters offer codebtor stays.

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Thinking of Co-Signing a Loan?

Many people have a misconception that as a co-signer, you are not responsible for the debt, or you are less responsible than the primary borrower. Unfortunately, co-signers are just as... more

Nondischargeable debt and student loans

Student loans cannot normally be discharged in bankruptcy. Unlike most other types of debt, student loans are nondischargeable--except in cases of hardship.

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