I live in Georgia. Several years ago (circa 2010), my wife and I co-signed a student loan for our nephew (also lives in Georgia). He finished school, couldn't get a job, and we paid the student loan ($77,000) for him (I used some savings and took a loan on my retirement). We wrote up an agreement (signed by me and him) that he would pay us a few hundred dollars a month until the debt was paid. As you can guess, he made only a few payments then stopped. He sent emails promising to pay eventually, that he was on hard times, etc. etc. etc. Now he has a job, but still hasn't resumed paying us.
What are our legal options? Can we sue him, or at least threaten to sue him? $77,000 is close to one year's pay for me, so it's not an inconsequential amount to us.
1 Answer from Attorneys
No one who hasn't read the agreement can answer. It limits the scope of your remedies. You may also have waited too long. Depending on facts we lack you may be past the statute of limitations. Additionally since the amount is too big for small claims, you'll need a lawyer.