Results 1 to 3 of 3
  1. #1
    Join Date
    Aug 2011
    Posts
    2

    Default Primary Borrower Discharged Private Loans Due to Disability

    My question involves collection proceedings in the State of: Ohio.

    I am the primary borrower. The main private loan I am concerned about is the one I had to take out through ITT. I was under the understanding that it was a Federal loan when I enrolled, but recently found out that it was private. I have also recently filed for disability discharge due to my heart condition which will not allow me to work. I need to know if it is correct that the loans will be sent to the cosigners and in the case of this loan it is my husband (so it's safe to assume our financial situations are the same). If it does revert to him is this loan possibly eligible for bankruptcy due to my health and my disability discharge? We are making every effort to pay these loans, and even though he makes okay money for this area, my medical bills and travel expenses for medical visits are killing us financially. Any thoughts or help will be greatly appreciated. Thank you in advance.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Primary Borrower Discharged Private Loans Due to Disability

    When a borrower defaults, the cosigner is contractually on the hook to cover the debt. Your potential ability to qualify for a discharge in bankruptcy based upon your bad health does not translate into his automatically being able to get a discharge based upon your health conditions. You should consult a bankruptcy lawyer with the amounts and specifics.

  3. #3
    Join Date
    Aug 2011
    Posts
    2

    Default Re: Primary Borrower Discharged Private Loans Due to Disability

    After talking with the lender I understand that my monthly payment is significantly lower than originally stated. The new amount is MUCH more manageable. I do question the reasoning on same household cosigners though. I understand why they are responsible at this point, but if one party is disabled and unable to pay the debt, what sense does it make to have the spouse become responsible when they are in the same financial decision? I'm just curious because I'm wondering how m$any people have to try bankruptcy because of this exact situation.

    1. Sponsored Links
       

Similar Threads

  1. Debt Collectors: Roommate Was Primary Borrower, Account Now in Collections
    By mathissj in forum Debts and Collections
    Replies: 2
    Last Post: 09-04-2011, 03:18 AM
  2. Student Loans: Recovering from Primary Borrower
    By DR435 in forum Debts and Collections
    Replies: 1
    Last Post: 02-01-2011, 10:31 PM
  3. Student Loans: Private Loans Discharged in Bankruptcy
    By manifester in forum Debts and Collections
    Replies: 3
    Last Post: 01-28-2011, 09:17 AM
  4. Co-Signer's Remedy When Primary Borrower Defaults
    By nsrawlings in forum Cars and Dealerships
    Replies: 1
    Last Post: 08-15-2010, 09:20 PM
  5. Repossession: Co-signer's responsibility after primary borrower dies
    By jimmy stewart lawson in forum Cars and Dealerships
    Replies: 3
    Last Post: 01-17-2007, 09:46 PM
 
 
Sponsored Links

Legal Help, Information and Resources