Legal Question in Wills and Trusts in Alabama
Death and Private School Loans
My grandparents cosigned on a private student loan with me eight years ago (student loan through Wells Fargo). I've paid the loan since that date. However, I filed bankruptsy (CH13) five years ago. During the bankruptsy, this loan was discharged from my record. However, the debt was still on my grandparents as cosigners. Both passed away last year. I've paid since their death over a year ago. However, a friend told me that loans were erased after death? Should I quit paying the loan?
1 Answer from Attorneys
Re: Death and Private School Loans
Your question has as much to do with Bankruptcy law as probate law. Whenever a person decides to start paying on a debt that has been discharged in bankruptcy, creditors can consider that the debt has been "re-affirmed" and as such, your bankruptcy was a waste of time and money. If you had never paid on the debt after your discharge, the debt would have been erased but now I believe it has been resurrected. Check with a local bankruptcy attorney to be sure.
Bill Nolan
www.NolanElderLaw.com
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