Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - What cosigner can do before the debtor files charpter 7? - I am a single mom with a young boy. I cosigned my ex for two private student loans 6 years ago when we were married He was ordered to refinance them by the divorce decree but never followed through. Two student loans now grow to total $80K and are in default. He was unemployed due to his drug issue and just starts making about $5K gross per month.
He has medical bills, car loan, previous credit card debt, owed child support, a couple of federal student loans, and 2 private student loans above. I am not sure if he has more secured loans (like student loans) or more unsecured loans (medical and credit card). I now suspect that he is starting filing bankruptcy. He seems to qualify for both charpter 7 and 13. But I am sure this selfish bustard won't file charpter 13 to just protect cosigner.
My question is if his attorney decides to file charpter 7, he might get rid of all the unsecured loans. Would the debt collectors for two private loans start suing me immediately after he filed charpter 7? Or they have to wait till his charpter 7 is completed.
What can I do now just in case he files charpter 7 to protect myself or be proactive?
Need your help and appreciate your advise in advance !! -
