Bankruptsy... one and only choice?
Question:
I co-signed for my friend's student loan which was 40 thousand dollars, and presently with interest and everything it become 60 thousand dollars.
and she won't pay for the loan so i hold getting letters from loan company asking me to money for it, and if i dont pay by closing stages of this month they will report it on my credit.
should i file liquidation now?... if i record bankruptcy will i be still liable for the loan?
there's no path i can pay 60 thousand dollars... what should i do?
Answer:
You can't profile bankrupcy on student loans.
Get the advice of an attorney.
I also believe that as long as you are at tiniest paying like 10.00 a month they will not do anything to you. But I would check beside an attorney.
First of all, never cosign anything for anyone. They other end up burning you. Secondly, within has to be a minimum pay-out that you could continue to compensate until you get some trial advice. I am pretty sure that you are screwed. If the fee is too high, speak to a debt consolidation firm. Watch out though, some of them are fraudulent. I would consider talking to the parents of the human being who you co-signed with, if they are still alive. Perhaps they could force a guilt trip upon the A that did this to you. Sorry.
As JD said Student loan debts are non-dischargable to be precise, if you declare collapse you will still owe on them. However, I think that may be for Goverment Guaranteed Student loans individual. I have not hear of a Goverment Student loan needing a co-signer.