Legal Question in Credit and Debt Law in California

When my son was 18 I cosigned a Key Bank Loan so that he could attend college because we couldn't get a federal loan. My son graduated over a year ago with a major in business. Due to the economy he has not been able to find a job. I am almost 67 years old and in need of retiring. However, I have been paying this loan because it is on my credit report even though it is his loan. He is now 26 years old. Is there some way that I can stop being responsible for his loan? He owes over $100,000.00 and I just simply can not continue to pay as I am working two jobs now. Thank you for any assistance you can give me.

Asked on 1/17/11, 5:51 pm

1 Answer from Attorneys

Carl Starrett Law Offices of Carl H. Starrett II

The only way for you to get off of this loan is if he were to refinancing in his name only or if the lender would forgive your debt on this loan. There is no legal way for you to compel the lender to let you go from this loan.

You should consider seeing a bankruptcy attorney. It is possible that this loan might night be the type of student loan protected by bankruptcy law and you may be able to discharge this debt in Chapter 7 or Chapter 13 bankruptcy.

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Answered on 1/22/11, 8:35 pm

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