Legal Question in Credit and Debt Law in California
Is there anything legally we can do to get our daughter to pay off her student loans that we co-signed for? SAhe has defaulted on them and we are getting "hit" for the payment, but now I am unemployed and my husband is set to reitre in 2013. We can't afford the payments and wonder what consequences would result if we don't (can't) pay. What would be the best way to handle all this legally to put it back on our daughter's shoulders? She lives in Oregon and we live in CA.
1 Answer from Attorneys
Not really. The legal system is pretty poorly set up for making people do things. It is set up for imposing consequences once someone does not do what they are obligated to do after it has consequences or does something they should not do and it has consequences. So if she does not pay, the only relief the law gives is if you have to pay and then you can sue her for reimbursement. If you don't pay and you get sued, you can also then sue her for indemnity. But the law does not provide any relief until you suffer actual monetary loss or get sued.
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