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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption