Have Legal Questions? Ask a Lawyer Now.
Hi, Maureen, My name is XXXXX XXXXX it will be my pleasure to assist you with your question today,
In Answer to your question of what the ramifications would be if you defaulted on your son's student loans on which you co-signed,
A co-signor is just as liable as the person who received the loan proceeds and if you default in payment, it will not only have a negative impact on your credit score, but they will get a judgment against you and attempt to satisfy their judgment obtaining a Writ of Execution and ask the Sheriff to seize property which you own and sell it at Sheriff's sale in order to satisfy their judgment,
I realize that this is not exactly the Answer you were hoping for and it would have given me great pleasure to give you the Answer you wanted to hear, but I have an ethical obligation to you to give you only correct Answers and information, so I am respectfully XXXXX XXXXX you not hold the law applicable to your situation against me,
Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,
Bonus and Positive Feedback on survey is very much appreciated,
What if my husbands name is XXXXX XXXXX property as a co-owner (not father of child) Can my social security benefits/wages be garnished for a private loan?
If your husband is not a co-signor on the loans, then any property that you and he own as "Tenants by the Entireties" cannot be seized. Your Social Security benefits cannot be seized either to satisfy a judgment. However, your wages can be garnished.
Thank you for your quick reply Andrea, the total loan is $65,000.00 if I can't afford the monthly payment, what percentage could my wages be garnished?
Virginia follows the Federal standard and permits a judgment creditor to garnish 25% of the debtor's disposable income. "Disposable" means after deduction of taxes. So, for example, if your "take home" pay is $400, then the judgment creditor can have $100 garnished from your wages,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).