QUESTION
If the co-signer on the student loan files for bankruptcy and my loan gets a hold put on it, what can I do?
Asked on Aug 21st, 2012 on Bankruptcy - California
More details to this question:
I have a student loan with Sallie Mae. My dad co signed the loan and I was making payments on a timely fashion. Due to issues my dad filed for Chapter 13. I knew about this but the fact that he co signed on my loan escaped our minds. Now, Sallie Mae is aware of this and has put a hold on my loan as they are in bankruptcy status. Since I am the primary account holder with Sallie Mae and since I am NOT filing for bankruptcy, how does this affect my credit rating? What are they steps I need to take to get this cleared?
2 ANSWERS
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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Your father's personal bankruptcy should not affect your own credit. The hold on the account should only apply to your father and not to you.
Answered on Aug 23rd, 2012 at 11:12 AM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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You should contact Sallie Mae. You are not in bankruptcy and you are responsible for the full payment. You father is no longer a co-signer.
Answered on Aug 22nd, 2012 at 1:43 AM