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  1. #1
    Join Date
    Mar 2011
    Posts
    2

    Default Re: Student Loan Balance Reported as Zero After Cosigner's Bankruptcy

    Thanks Mr. Knowitall for responding to my post. When you mentioned:
    Quote Quoting Mr. Knowitall
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    The cosigner's bankruptcy should not have any impact on the borrower's liability.
    I understand that I am liable for the loan until it is paid off, however do you mean that the loan (which was in good standing before the bankruptcy) should not have automatically defaulted due to my co-signer's bankruptcy?

    Quote Quoting Mr. Knowitall
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    I have no idea what you believe your father deceived you about, or why. Perhaps you can better explain what you're thinking.
    Would my father have 'needed' my loan (which was at a balance of $17,000 at the time of the bankruptcy) for a judge to approve his chapter 13 bankruptcy? Aside from my loan, he only had about $9,000 in unsecured debt.

    Also, if I do hire a lawyer, what would they be able to do for me (in terms of both tracking down my loan and getting the details about the bankruptcy that I am apparently involved in)?

    Again thank you very much for any advice you can provide.

  2. #2
    Join Date
    Apr 2011
    Posts
    1

    Default Re: Student Loan Balance Reported as Zero After Cosigner's Bankruptcy

    @JudyDixon

    It is very interesting reading your situation. My sister in law is in a VERY similar situation so I understand how frustrated you must be. Her father also filed Bankruptcy - Chapter 13 and included her Student loan in which he had cosigned for her. She was making regular payments but then he told her that he was filing bankruptcy and his attorney advised her to stop making her payments because it would be taken care of in the bankruptcy. Long story short, her account is now in collections and the bankruptcy is showing on her credit report even though it was her cosigner that filed, not her. Her mistake was listening to her father and his attorney and stopping her payments on her loan. She is now trying to figure this all out and is having a hard time getting any information out of anyone. Like you, if she would have found out about the bankruptcy sooner, she could have removed her father as her cosigner and avoided this whole mess. (He was already too far into the bk process when she found out her loan was going to be included). The bank won't talk to her and her fathers attorney wont talk to her. She also feels that her father decieved her when he included her loan in the bankruptcy as well, because it doesn't make sense of why he needed to do so. She was taking care of it with no problems before this.

    I am wondering if you have gotten anymore information about your situtaion figured out. I know you said you don't live in the states, but do you still have a social security number? and would that be enough for the credit bureaus to provide you with a credit report, or atleast information about the last time your credit was reported on?

    I work in the credit counseling industry and would really like to be able to help out my sister in law with her situation. I think I have a good understanding of most issues, but hers and yours have a lot of different circumstances.

    I advised her that I thought hiring a lawyer would be a good option, just to get someone else involved that might be able to find out more information and get people to atleast talk to her so she knows what is going on. But like you.. I wonder, what a lawyer would actually be able to do.

    I hope everything works out for you.

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