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Hey, so I took out student loans years ago and I also co-signed for my ex's loans. I presently have very little income and am staying with a friend, working for room and board, and don't have the finances to repay said loans. It's a rather large amount (over $50k).
I've been served a court order informing me I'm being sued. I don't want to dispute the claim; I know I'm guilty and I know I owe the money. There wasn't any foul play or anything. But, legitimately, there's no way I can repay the money. I even tried to make an arrangement with their law firm, offering to make very tiny payments each month until I'm better established and can pay more, but they turned that down.
When the lawsuit goes through, and I don't dispute the claim, what will happen next?