What to do if my sister co-signed a sallie Mae student loan for my ex and now they’re saying she has 2 days to come up with $13,600 or they’ll take over $19,000 from her 401k?

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What to do if my sister co-signed a sallie Mae student loan for my ex and now they’re saying she has 2 days to come up with $13,600 or they’ll take over $19,000 from her 401k?

I talked to my ex and he wants to pay it off but he just started a job and doesn’t have that amount. Is this possible? Can we do anything?

Asked on November 28, 2012 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I suggest that your sister consult with a consumer law attorney to assist her in the matter you have written about. Absent a judgment against your sister, Sallie Mae cannot levy on any of her assets. Likewise, per state law, your sister's 401 k retirement account is exempt from a judgment levy. She is being strong armed by a debt collection person which is wrong.


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