My Co-signer

Date: Thu, 05/19/2011 - 14:59

Submitted by anonymous
on Thu, 05/19/2011 - 14:59

Posts: 202330 Credits: [Donate]

Total Replies: 3

If a judgement is issued against me & only me for a private student loan in Texas, and the creditor can't collect because Texas does not allow garnishments for private TERI backed student loans, then are they able to sue my co-signor after already being awarded a jugement from me? My co-signer does not live in Texas and I was just wondering if the people can be issued two judgements on the same loan?

The co-signer is also legally responsible for the debt. So, the

The co-signer is also legally responsible for the debt. So, the creditor may sue your co-signer also to get money.

lrhall41

Submitted by anonymous on Thu, 05/19/2011 - 23:14

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I'm aware of only one exception to this. A Texas creditor may on

I'm aware of only one exception to this. A Texas creditor may only garnish your wages, when he takes a civil suit and shifts to a different state. Once there, he might try to "domesticate" the suit within a court (i.e. an out-of-state court). That court might then allow a garnishment of your wages. About the co-signor, he's responsible, but you'd probably need to check out his state rules.

lrhall41

Submitted by Jeorge Preston on Thu, 05/19/2011 - 23:50

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When you have a co-signer on any loan, that individual is saying

When you have a co-signer on any loan, that individual is saying he would be responsible for the debt if you decide not to/cannot pay. One of my 'clients' ( I work mostly with the Elderly) co-sign a loan for her son. The son made NO attempt to make these paymenys and the co-signer can lose alot from it.

lrhall41

Submitted by sdchargers_63 on Fri, 05/20/2011 - 03:50

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