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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16625
Experience:  Experienced Licensed Attorney
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I am a 66 year old teacher that co signed on my daughters

Customer Question

I am a 66 year old teacher that co signed on my daughters student loans. My daughter graduated in 2007 with mostly private student loans. Sallie Mae wanted 1200 a month to pay for them. Neither of us could afford that amount, and they were unwilling to help with anything but forbearance. When that ran out, I had to file for bankruptcy as the judgement would have made it impossible to pay my mortgage.
My bankruptcy is over in September of 2016. I am retiring at the end of this school year in June of 2016. My questions are: Where should I put my pension and social security so that the collectors cannot get at it. Should I hold my SS in one account and my pension in another? Also what is the statute of limitation for private student loans in Michigan? I have been in bankruptcy for almost 5 years.
If a student loan lawyer could answer this I would appreciate it.
Submitted: 1 year ago.
Category: Legal
Expert:  Alex J. Esq. replied 1 year ago.

Hello. My name is***** am a US licensed attorney and I will be happy to answer your question.
I am sorry to hear about this unfortunate situation.
Please note, I cannot comment on your specific situation, as this services is only limited to general information and for any legal advice / legal service you should contact your local attorney.

Unfortunately, as you probably aware of, private student loans are not dischargeable in bankruptcy.

Did private Student loan company file a lawsuit against you yet?

Is your daughter or you plan on making any payments on the private student loans?

Customer: replied 1 year ago.
They attempted to file a lawsuit, but my attorney stopped it, just before I filed for bankruptcy. At this time we are not planning on making payments on the loans. That is why I want to know the statute of limitations. The loans are around 300,000 by now and if I paid on them the rest of my life and hers, we would never be able to pay them off. This is ridiculous! She started out owing 80,000. Thanks.
Customer: replied 1 year ago.
I cant talk to my attorney that I usually use because I owe him money that cannot be paid outside of the bankruptcy.
Customer: replied 1 year ago.
I still don't have an answer to my question...
Customer: replied 1 year ago.
I am not paying for this. I did not get an answer, just more questions.
Expert:  Alex J. Esq. replied 1 year ago.

Thank you for your follow up.

Unfortunately, Statute of Limitations would generally not start to run until the bankruptcy is discharged and is generally 6 years for private student loan debts for the student loan company to file a lawsuit.

If lawsuit is filed and judgment is obtained against the borrower(s) and judgment is obtained, the judgment can be enforced for 6 years, but can be renewed by the judgment creditor upon expiration of the initial 6 years.

It is generally a good idea to keep social security proceed in a separate account, since such proceeds are not subject to any judgment garnishment, while pension, wages, etc... is subject to a judgement garnishment.

I wish you the best of luck!

Expert:  Alex J. Esq. replied 1 year ago.
Expert:  Alex J. Esq. replied 1 year ago.