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What are the ramifications of defaulting on my sons private

What are the ramifications of...
What are the ramifications of defaulting on my son's private student loan that I co-signed?
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Answered in 26 minutes by:
7/9/2013
Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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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,

 

Answer

 

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,

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Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,

 

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Customer reply replied 4 years ago


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.

 

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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
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Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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Customer reply replied 4 years ago

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,

 

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Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,

 

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ANDREA

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Andrea, Esq.
Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
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