co-signer
Date: Mon, 11/15/2010 - 21:39
My wife co-signed for her daughter on a student loan. Since then, there has been a major falling out, and the loan is heading for default. If/when we get sued would/could the loan be split with each having the responsibility of their own half ? Or is the loan still due as a whole? How can the creditor collect? Do they only go after the deepest pockets?
Both parties will be sued for the entire balance. The creditor
Both parties will be sued for the entire balance. The creditor can then garnish wages and levy bank accounts.
They can't collect more than what is owed. They will probably t
They can't collect more than what is owed. They will probably try to get a judgment against both and whoever has the best shot of funds that can be garnished. Some funds are exempt from garnishment. It all depends on who has what.
