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Ill...in default have to consolidate...will it affect hubbys

Date: Tue, 04/10/2007 - 08:37

Submitted by Moondanzer
on Tue, 04/10/2007 - 08:37

Posts: 361 Credits: [Donate]

Total Replies: 5

Ill...in default have to consolidate...will it affect hubbys


I have 8 loans, 5 of which are Staffords with the Dept. of Education. some are subsidized and some are not. 2 of my loans are through Texas Garunteed(also staffords 1 subsidized and 1 not.) The other was purchased by Sallie Mae from the finance authority of Maine. 7 yrs. ago I was diagnosed with chronic anxiety and severe panic disorder with agorophobia and have only been able to work for 30 days in 7 yrs. I am married and my husband has to file injured spouse to protect his part of our tax return each year. I want to get these paid and have a direct loan consolidation form currently here. How do I find out how much the payments will be? This form is also a promissary note and husband is scared to sign it without knowing what the monthly pymnts will be. Our yearly gross adjusted income is about $40,000. If he signs this can they garnish his money or sue him? the debts are solely mine with no co-signers. also does anyone have a clue what the pymnts might be? Thank you ever so much....really desperate here!


Although they cannot garnish my hubby's income....they can freeze and/or garnish monies from his bank account....that is if we still had a joint account!!! So if you are in a default situation be very careful...about what is in your joint names as owners even if you are the sole owner of the defaulted loans!!!


lrhall41

Submitted by Moondanzer on Tue, 04/10/2007 - 12:27

( Posts: 361 | Credits: )


I would think it would legally obligate him to the debt. I know with the debt I am dealing with, they won't touch a joint account because my husband is not on the debt, but is on the checking account. Read what soaplady posted, or call the place offering the consolidation. I wouldn't sign anything without knowing what the monthly payment would be. NO way.


lrhall41

Submitted by fedupinpa on Tue, 04/10/2007 - 14:57

( Posts: 1511 | Credits: )


Very true...soaplady is right it does not obligate him. However, all property, checking accounts, tax returns or anythingelse that are in your names jointly can affect him if they choose to garnish.

Texas garnished our tax return and I owed less than $7000.

He can however file an injured spouse form to protect at least half of your your tax returns.


lrhall41

Submitted by Moondanzer on Tue, 04/10/2007 - 19:27

( Posts: 361 | Credits: )