Legal Question in Credit and Debt Law in Missouri

I am a co-signer on a student loan for my son. The loan has gone into default because he has been unemployed for a year and half now. I am getting threatening calls from collection company demanding $30,000. I do not have the money. What can I do to get the threats to stop? My son has the loan filed in a bankruptsy suit he has filed.

Asked on 1/31/10, 12:04 pm

2 Answers from Attorneys

Anthony Smith LawSmith

Unfortunately, bankruptcy does nto always remove student loan debt. Bankruptcy o fhte principal borrower (your son) does nto extinguich the obligation of the guarntor (you). If the collection agency is making the worng kind of demands, you can sue them for that action. Otherwise, you may have to treat this defaulted loan as your debt. You Son might qualify for an economic hardship deferment or other suspension of collection efforts.

Good luck

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Answered on 2/05/10, 2:15 pm
Michael R. Nack Michael R. Nack, Attorney at Law

You may be able to stop the harassing calls by writing the creditor or the collection agencey a letter asserting your rights under the Fair Debt Collections Practices Act. Nothwithstanding your rights under that law, you may still be personally liable for the debt under your guarantee. Consult with an attorney.

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Answered on 2/05/10, 7:44 pm

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