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.
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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.
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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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