QUESTION
How can I find a lawyer who has expertise in private student loan co-borrowers? I want to have my name removed as a co-borrower on my neice's loans.
Asked on Jun 26th, 2019 on Breach of Contract - Virginia
More details to this question:
For the past seven years I have been paying on my niece's 4 private student loans, nearly exclusively. I desire to somehow remove myself as her co-borrower if possible. The loans approximate 55,000 currently, down from $73,000 seven years ago. My niece filed for bankruptcy in NJ a few ago when I hired a NJ lawyer to sue her for the monies I had already paid toward her student loans. I was instructed that I could no longer sue her for monies paid on the loans due to her bankruptcy suit. I no longer wish to recoup the monies I have paid, but just want to somehow remove myself from the responsibility for these loans, if possible. I need help with the law in trying to ascertain my rights in this instance.
1 ANSWER
1 Award
You are not going to be able to remove yourself from these loans. That's why they get co-signers - so if the primary person defaults or declares bankruptcy they can come after you. That's why you should be really careful about who you co-sign things for, because you are basically assuming their responsibilit for the debt. If you can't pay it, the only way out will probably to declare bankruptcy like she has done. There are also some agencies that may help you negotiate it down to a smaller amount, if you would otherwise default on it. But be careful because I think some of these places may be scams.
Answered on Jun 29th, 2019 at 6:53 AM