Hi to all,
I have been reading posts on here and it has (no offense to anyone) increased my fear in what to do.
There is too much to this story so I will have to condense it greatly.
I cosigned for student loans for my son to go to an art college. He is an artist. He showed talent at a young age. He amazes me now at what he can do. HOWEVER, he did not finish school (3 quarters shy). You must understand, I am an enabler, I am the softy in the family, I am the one who can't say no, I am the one who takes care of family finances, I am not rich, I am easily manipulated (that is straight from a psychiatrist and psychologist....and my wife). They are all correct in their assessment of me. That said, I also cosigned for him to lease a new car in 2008 (I'm and IT guy where I work, for me that is short for IdioT!!!. At the time, he was working a factory job that paid well and he had no trouble with payments. After 10 months in a brick factory he decided he should go back to school. Wonderful! He went back. He lasted two quarters. He quit again. Failed some gen eds he had to take so money wasted. He wants nothing to do with his major in graphic art design. He wants to paint and be signed with a gallery. That's a good thing but right now it is not producing any income. He works nearby as a cook at a small restaurant. It's a good thing it is in walking distance because we had to turn in his lease car last week because he was so far behind on the payments and I couldn't afford anymore to help with them. When I began taking money out of the 401K and cash advances on a credit card, I had a feeling I was going too far (as the young ones say "duh"). He is living in an apartment with his girlfriend (I am 60 so I have a different mindset about "playing house", so don't anyone get mad, it's just me and the way I feel about the arrangement he is in.
I am going to stop now because there is just too much more to the story. Understand, I still love my son. I don't like what he has done but I still love him.
The bottom line is that the student loans amount to, at this moment, somewhere between $175,000 and $200,000. That are and have been due for months now. Some calls sound like the "mob". There are calls 7 days a week at all times of the morning, day and evening. His car is going to be $17,800 minus what is made when it is auctioned off. The difference is his and my responsibility. I have no idea what that will be for a week or two.
I am very scared about this. I have to call a lawyer about Ch13. I have never had to deal with anything like this in my life. I have been told that they can't kill you for owing money (I guess that depends on who you owe) but I could die from it. I have already had one heart attack 4 years ago and another visit just last year. All this is not helping. What's done is done. But it causes a lot of stress and anxiety.
I am just sitting here at work feeling very alone because I know I have to call this lawyer but I don't know what to expect or how much it will cost or how it will impact my and my wife's life. I have to call today 6-30-09. I have to call now to get things going.
It could be worse. I could owe Tommy DeVito (Joe Pesci in "Goodfellas").
Who all have read this......thanks very much!
Logan60
I have been reading posts on here and it has (no offense to anyone) increased my fear in what to do.
There is too much to this story so I will have to condense it greatly.
I cosigned for student loans for my son to go to an art college. He is an artist. He showed talent at a young age. He amazes me now at what he can do. HOWEVER, he did not finish school (3 quarters shy). You must understand, I am an enabler, I am the softy in the family, I am the one who can't say no, I am the one who takes care of family finances, I am not rich, I am easily manipulated (that is straight from a psychiatrist and psychologist....and my wife). They are all correct in their assessment of me. That said, I also cosigned for him to lease a new car in 2008 (I'm and IT guy where I work, for me that is short for IdioT!!!. At the time, he was working a factory job that paid well and he had no trouble with payments. After 10 months in a brick factory he decided he should go back to school. Wonderful! He went back. He lasted two quarters. He quit again. Failed some gen eds he had to take so money wasted. He wants nothing to do with his major in graphic art design. He wants to paint and be signed with a gallery. That's a good thing but right now it is not producing any income. He works nearby as a cook at a small restaurant. It's a good thing it is in walking distance because we had to turn in his lease car last week because he was so far behind on the payments and I couldn't afford anymore to help with them. When I began taking money out of the 401K and cash advances on a credit card, I had a feeling I was going too far (as the young ones say "duh"). He is living in an apartment with his girlfriend (I am 60 so I have a different mindset about "playing house", so don't anyone get mad, it's just me and the way I feel about the arrangement he is in.
I am going to stop now because there is just too much more to the story. Understand, I still love my son. I don't like what he has done but I still love him.
The bottom line is that the student loans amount to, at this moment, somewhere between $175,000 and $200,000. That are and have been due for months now. Some calls sound like the "mob". There are calls 7 days a week at all times of the morning, day and evening. His car is going to be $17,800 minus what is made when it is auctioned off. The difference is his and my responsibility. I have no idea what that will be for a week or two.
I am very scared about this. I have to call a lawyer about Ch13. I have never had to deal with anything like this in my life. I have been told that they can't kill you for owing money (I guess that depends on who you owe) but I could die from it. I have already had one heart attack 4 years ago and another visit just last year. All this is not helping. What's done is done. But it causes a lot of stress and anxiety.
I am just sitting here at work feeling very alone because I know I have to call this lawyer but I don't know what to expect or how much it will cost or how it will impact my and my wife's life. I have to call today 6-30-09. I have to call now to get things going.
It could be worse. I could owe Tommy DeVito (Joe Pesci in "Goodfellas").
Who all have read this......thanks very much!
Logan60
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