Am I able to File Bankrupt
If someone cosigns for a private education loan and it goes into default, then they pay 10,500 to get out as a co borrower. Now the person is suing me for 13000. I only work part time and have a 1 year old daughter and am currently paying on another student loan. Am i able to file bankrupt on the person suing me and or the private education loan?
From what you wrote above, the first school loan went into default and the cosigner was on the hook to bail you out. If they paid off the loan and are now suing you for their loss, then you can file bankruptcy to get away from that liability. However, if they have NOT paid off the loan and the loan company is still chasing you, then you cannot file bankruptcy to protect yoursefl from the school loan. Alimony, child support, school loans and federal taxes are not dischargable via bankruptcy.
Now, that we’ve discussed what’s legal, let’s discuss what’s moral. You owe your cosigner the money. Contact them and make sure they know your situation.
Work with them to repay them if at all possible. They did you a favor years ago to help you out. It is wrong on multiple levels to leave them holding the bag on your behalf.
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