My question involves bankruptcy in the state of: NJ
I have loans from Sallie Mae in a large amount, both federal and private. My parents co-signed these loans and I was making payments in a timely fashion. Due to issues, my parents recently filed for a Chapter 13. I knew about this, but the fact that they co-signed for my loans escaped our minds. Now, Sallie Mae is aware of this and has put a hold on most of my loans as they are in bankruptcy status - I am only able to repay a few. 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 and/or how does this have a detrimental effect on me? Speaking to Sallie Mae, they suggest that I try to release the co-signer, but this can only be done after the Chapter 13 has been taken care of. Am I in trouble as far my credit or my future goes? Or will I be okay since I am not the one filing? I am young and don't want the hassles of bad credit to linger with me for the rest of my life.