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Michelle
Michelle, Paralegal
Category: Legal
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Experience:  31 years of experience in criminal, real estate, juvenile and family law
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If you are a co-signer on student loans and the ...

Resolved Question:

If you are a co-signer on student loans and the co-signer filed a Chapter 13, during the 13 bankruptcy period of the co-signer, does the creditor still go after the borrower?
Submitted: 8 years ago.
Category: Legal
Expert:  Michelle replied 8 years ago.

DearCustomer/p>

Unfortunately, the answer is YOU BET. Student loans are not forgiven in a Bankruptcy proceeding thanks to changes made by the US Congress - additionally, if the lender cannot "squeeze" the juice from the borrower, they will go after the co-signer - and vice-versa

If nothing pans out - the lender will still get their monies as Congress also has made it permissible to file garnishment against social security. School loans will, unfortunately, not go away unless the person has died or the school where the money is owed becomes defunct. There are exceptions for "hardship" cases but mostly this would involved serious medical issues wherein the borrower was unable to work - even then the co-signer is on the hook.

 

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