QUESTION
Is the co-signer responsible for the loan now that I no longer have access to the loan?
Asked on May 28th, 2013 on Bankruptcy - Florida
More details to this question:
A relative co-signed on a private student loan for me. Nearly a year ago, I filed bankruptcy and the loan was transferred to him. When I called the loan provider because I was unable to login so I could continue making payments, they told me I no longer had access to the loan without his permission. When I log in to pay, it's all his personal information and mine is nowhere to be seen.
5 ANSWERS
While I have no idea of the internal mechanics of your lender's loan payoff department, if the private student loan is a qualified education loan, as defined in IRC ? 221(d)(1)? (as most private student loans are) it is not dischargeable in bankruptcy and you are still obligated for the payments. I would suggest that you jump through whatever administrative hoops the lender requires you to jump through so that you can make your electronic payments. If the process of paying electronically is not working out, try the old fashioned way and send them a check. It is a quaint technology, but it still works.
Answered on May 29th, 2013 at 9:52 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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You will need to work with the lender to get this fixed. It appears that the co-signed will need to be involved.
Answered on May 28th, 2013 at 3:17 PM
Unless your student loan was discharged by specific bankruptcy court order (the general discharge would not be sufficient), you are still responsible for paying this debt as is your co-signer.
Answered on May 28th, 2013 at 3:15 PM
Bankruptcy Attorney serving Omaha, NE
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Heineman Law Office
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Yes, the co-signer is responsible. Also, since it was a student loan, you are also still responsible unless you filed an action to release your liability.
Answered on May 28th, 2013 at 2:50 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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Can't help you. Sorry.
Answered on May 28th, 2013 at 2:49 PM