I agree with Attorney Solomon. Howeever, some creditors do not give notice to you that a judgment has been entered. They give a 10-day notice of their intent to get a judgment but they do not always tell you that a judgment has been entered.
Creditors can do nothing until the judgment has been in place for 30 days. Any amounts less than $300 are safe. I would look to getting an online bank account or pre-paid debit card and not habve any bank accounts for any creditors to freeze.
However, you don't indicate a lot of details about the loan. Is the loan private or federal? Is the loan in default? What is the primary borrower doing to address the situation? Lenders have a lot more options. like wage garnishment, than do other kinds of creditors.
Co-signing is always a bad deal. Whomever you co-signed for needs to step up to the plate and pay this. Bankruptcy is not an option as most student loan debts are not dischargeable in bankruptcy. And even if it was, if only the primary borrorwer filed, you would still be on the hook for the loan.
If you end up paying, then you need to make sure that you get a written agreement in place before you pay. I hope that the primary borrower does the right thing here.
I agree with Attorney Solomon. Howeever, some creditors do not give notice to you that a judgment has been entered. They give a 10-day notice of their intent to get a judgment but they do not always tell you that a judgment has been entered.
Creditors can do nothing until the judgment has been in place for 30 days. Any amounts less than $300 are safe. I would look to getting an online bank account or pre-paid debit card and not habve any bank accounts for any creditors to freeze.
However, you don't indicate a lot of details about the loan. Is the loan private or federal? Is the loan in default? What is the primary borrower doing to address the situation? Lenders have a lot more options. like wage garnishment, than do other kinds of creditors.
Co-signing is always a bad deal. Whomever you co-signed for needs to step up to the plate and pay this. Bankruptcy is not an option as most student loan debts are not dischargeable in bankruptcy. And even if it was, if only the primary borrorwer filed, you would still be on the hook for the loan.
If you end up paying, then you need to make sure that you get a written agreement in place before you pay. I hope that the primary borrower does the right thing here.
