Legal Question in Credit and Debt Law in New York

Co-signed for School Loans

I co-signed for some student loans totalling approx. $34,000.00. In the event the student does not pay this loan, do I have any recourse (such as putting a lien on his property) that I can pursue. I realize I would be responsible for this debt, just wondering if there is anything I could do to recoup it from the actual borrower. Please advise!!


Asked on 5/14/09, 4:15 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Co-signed for School Loans

You certainly may commence an action for indemnification (to be made whole). With a judgment you would have the right to collect against that individual's assets.

Mike.

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Answered on 5/14/09, 4:46 pm


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