Need advice

[clc08]

Husband signed a student loan for former wife's child. It was not his child. They divorced. The divorce decree stated ex-wife to assume paying off the loan. She, of course, didn't, and loan people came after him. He's been paying as he could for 20 years. Balance remains. We are facing chapter 7. Student has long graduated school and is a physician.

Had our 1st meeting with attorney today and are facing 7. Any advice on the student loan?

Thanks.

[Pandora]

ouch.

Why hasnt the student paid on the loan given it was for his/her education - and that he/she has since graduated and is now a doctor?

Should have gone back to court and ensured it was paid and/or refinanced in the ex-wife's name in accordance with the decree. Otherwise, I think your hubby is stuck with the loan unfortunately.

This is why we will never co-sign - not even for our own kids. We will help out when we can, but will never be obligated for 30+ years for anything other than our own mortgage