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I am a 66 year old teacher that co signed on my daughters…

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I am a 66 year...
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: 2 years ago.Category: Legal
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1/17/2016
Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16,971
Experience: Experienced Licensed Attorney
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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?

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Customer reply replied 2 years 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 reply replied 2 years 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 reply replied 2 years ago
I still don't have an answer to my question...
Customer reply replied 2 years ago
I am not paying for this. I did not get an answer, just more questions.
Lawyer: Alex J. Esq., Attorney at Law replied 2 years 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!

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