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I want to file bankruptcy. I have my mom as a cosigner on a…

I want to file...

I want to file bankruptcy. I have my mom as a cosigner on a school loan and can't take her off. Will she be affected when I file?

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Colorado and no it hasn't

Lawyer's Assistant: Has anything been filed or reported?

No

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Answered in 5 minutes by:
3/6/2018
Gerald, Esq
Gerald, Esq, Lawyer
Category: Legal
Satisfied Customers: 5,105
Experience: Over 30 years of experience
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

Yes, your mother will be affected. This is how:

Even though most of the time school loans are not dischargeable in bankruptcy (sometimes they are and we can discuss that separately), when you file bankruptcy the lender will not be able to collect on the loan from you until the bankruptcy is over.

You will be in default on the loan and the lender will go to the co-signer to collect on the loan. A cosigner is equally responsible on the loan and that responsibility is separate from your own. So the lneder will seek payment from your mom.

BUT that won't happen immediately, so the loan will default and the lender will be seeking full payment from your mom. Plus that default could affect her credit score.

SO if you plan on doing this let your mother know ahead of time so she can keep the payments current. The other problem for her will be that the lender will not give her information about the loan and the amounts due because of privacy laws. So you will have to get that information.

I know this seems unfair, and unnecessarily complicated, but that is how the process works. You are doing the right thing doing your homework before deciding what to do.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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Customer reply replied 1 month ago
I plan to continue paying on those loans even after I would file. Would it be possible to do that so it doesn't affect her score? This way it is still paid but under her name. I knew that bankruptcy doesn't get rid of school loans so I new that from the get go. I want to finished paying those but can't continue with the rest of my debt.

You can make the payments, but you will need to take the initiative because the lender likely will stop sending you statements. Once the br is filed they can not take any steps against you to collect on the loan, including sending you bills.

Call the servicer number on your loan and ask to speak to escalate the call to a senior supervisor so that you can find out how to get the billing information. You can authroize them to send it to your mother. BUT the front line customer service people may not know how to help you.

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Customer reply replied 1 month ago
last question how do I know if they will ask for the payment in full? I'd still be able to do the monthly payments but I wouldn't be able to pay the whole amount in full.

As long as there is not a default (that is you do not miss payments) they will not ask for payment in full. Also, most of the time you can "Rehab" a loan that does default. That is not hard to do. Who is the loan servicer: AES?

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Customer reply replied 1 month ago
AES and Reliemax

I am not familiar with Reliemax. You maight want to contact AES and see if you can get a "Consolidation" loan to pull both of the loans into one. This can reduce your payments. AES is a federal loan contractor and has to adhere to federal rules - some of which can be helpful to you. They also have to offer you loan rehabilitations when there is a default.

As an aside AES is actually a PA State Government entity called PA Higher Education Assistance Agency (PHEAA). So they are supposedly a non-profit entity. They do have programs to help you. BUT you need to get past the front line customer service people.

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Customer reply replied 1 month ago
Thank you I will contact them to find out. Both were once under aes but aes sold one loan to reliemax two months ago.

See if you can get a consoldation loan before you start the bankruptcy. If you can it will be one new loan (not two) and you may be able to sign it without your mom as a cosigner.

see:

http://www.aessuccess.org/manage/trouble_making_payments/consolidate.shtml

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