Legal Question in Credit and Debt Law in Georgia

Student Loan Co-sign

Back in 2001 I co-signed a Sallie Mae student loan The borrower than filed bankruptcy in 2005 without my acknowledgment. Now creditors are coming after me to payoff the debt. I kept copies of the conversation between me and the borrower via emails that the borrower will payoff the loan. But nothing has happened. Can I sue the borrower? Thank you


Asked on 9/09/08, 7:24 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Student Loan Co-sign

Your question cannot be answered here. There is a very high probability that any obligation to you would have been discharged in the bankruptcy case like all of his/her other dischargable debts. If so, even calling the borrower to ask for payment would violate federal law. The bottom line is that this is exactly the bargain a co-signer signs up for. All the liability, and none of the benefit. One should never co-sign unless they are ready, willing and able to pay the full debt.

Read more
Answered on 9/11/08, 9:27 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Georgia