Legal Question in Credit and Debt Law in Wisconsin

Yes, depending upon the exact language in the contract which you signed, the lender might be able to go after the co-signer first. There may not be any requirement in the note that the lender ever pursue the primary borrower, which arrangement is known as joint and several liability. You do, however, probably have the right to sue the student for contribution toward payment of this debt. Even though student loans may not be dischargeable in bankruptcy for the student, you as the cosigner might still be able to get rid of this liability in bankruptcy. You should therefore consult with an experienced bankruptcy lawyer as soon as possible as this may be the cheapest resolution for you, particularly if you also have other debts which you could resolve that way. A United States Supreme Court decision recently held that student loans could be discharged (by the student) in a chapter 13 bankruptcy plan where the plan alleged that the payor was suffering from an undue hardship due to the loan. My comments in this online forum are offered for public educational purposes only and are not legal advice, nor do they create any attorney/client relationship between us. Even if I was advising you, the background information provided which you provided did not include sufficient detail to allow any sort of reliable advice upon which you should rely. Finally, I may be able to represent you if you contact my Racine office and make arrangements formally retain me. I represent clients throughout the state of WI.