+ Reply to Thread
Results 1 to 12 of 12

Thread: please help!

  1. #1
    ippa is offline Junior Member
    Join Date
    Jun 2008
    Posts
    5

    please help!

    What is the name of your state? MI

    I am recently married (4 months) and recently found that my husband has an addiction problem which has caused him to be dismissed from school. He has about 350 thousand in school loan debt and I'm scared how this will effect my credit. I am not on his loans and did not co-sign them. I'm wondering how should I protect myself about this matter? We cannot pay the loans and I'm afraid I will be responsible someday being his wife. Can they ever effect me?

    any advice is appreciated!
    thank you
  2. #2
    Ohiogal is offline Senior Member
    Join Date
    Dec 2005
    Location
    Ohio
    Posts
    52,832
    Quote Originally Posted by ippa View Post
    What is the name of your state? MI

    I am recently married (4 months) and recently found that my husband has an addiction problem which has caused him to be dismissed from school. He has about 350 thousand in school loan debt and I'm scared how this will effect my credit. I am not on his loans and did not co-sign them. I'm wondering how should I protect myself about this matter? We cannot pay the loans and I'm afraid I will be responsible someday being his wife. Can they ever effect me?

    any advice is appreciated!
    thank you
    How does he have 350 thousand in student loan debt? That is IMPOSSIBLE. Well never BUY anything with him and don't put him on the deed to your home or on your bank accounts or have a title with him or file taxes with him. Should I continue?
    Parents should remember 3 things: Love your kids more than you hate your ex; when you have children the relationship with the other parent is until death; your children determine what type of nursing home you end up in.
    Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship.

    Attorney-GAL in Ohio.

    I've removed the knife from my back, polished it, and will one day return it -- long after you think I have forgotten.
  3. #3
    ippa is offline Junior Member
    Join Date
    Jun 2008
    Posts
    5
    He was in med school attended private school for both undergrad and med school.

    So in order for it not to effect me, I cannot have anything joint with him? We have a few things under our names now...cell phones and a few department store cards. He was considering chapter 13 bankruptcy, would that effect me if we didn't have anything joint at that time?
  4. #4
    Zephyr is offline Senior Member
    Join Date
    Mar 2005
    Location
    Funkytowwwwwn
    Posts
    9,043
    I don't think students loans are discharged through bankruptcy
  5. #5
    LdiJ is offline Senior Member
    Join Date
    May 2004
    Posts
    66,113
    Quote Originally Posted by ippa View Post
    He was in med school attended private school for both undergrad and med school.

    So in order for it not to effect me, I cannot have anything joint with him? We have a few things under our names now...cell phones and a few department store cards. He was considering chapter 13 bankruptcy, would that effect me if we didn't have anything joint at that time?
    You need to pay off those department store cards and cancel them ASAP....and never have another joint account with him, ever again.
  6. #6
    Ohiogal is offline Senior Member
    Join Date
    Dec 2005
    Location
    Ohio
    Posts
    52,832
    Quote Originally Posted by ippa View Post
    He was in med school attended private school for both undergrad and med school.

    So in order for it not to effect me, I cannot have anything joint with him? We have a few things under our names now...cell phones and a few department store cards. He was considering chapter 13 bankruptcy, would that effect me if we didn't have anything joint at that time?
    Undergrad is capped at $40k for student loans. So where did he get 310k for med school? How long has he avoided it?
    Yep. You cannot have ANYTHING joint with him. At all. You have cell phones and credit cards with him? Cancel them IMMEDIATELY. And then let him declare bankruptcy and anything you cosigned or on the account for will become yours when he files.
    Parents should remember 3 things: Love your kids more than you hate your ex; when you have children the relationship with the other parent is until death; your children determine what type of nursing home you end up in.
    Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship.

    Attorney-GAL in Ohio.

    I've removed the knife from my back, polished it, and will one day return it -- long after you think I have forgotten.
  7. #7
    ippa is offline Junior Member
    Join Date
    Jun 2008
    Posts
    5
    he needed money for living expenses also. He just was dismissed this month so its pretty recent. I assume interest has accrued throughout the time he has been in school however.

    Is an annulment possible?
  8. #8
    LdiJ is offline Senior Member
    Join Date
    May 2004
    Posts
    66,113
    Quote Originally Posted by Ohiogal View Post
    Undergrad is capped at $40k for student loans. So where did he get 310k for med school? How long has he avoided it?
    Yep. You cannot have ANYTHING joint with him. At all. You have cell phones and credit cards with him? Cancel them IMMEDIATELY. And then let him declare bankruptcy and anything you cosigned or on the account for will become yours when he files.
    The cell phones may not be a problem if its in her name and its one of those family plans where you add an extra phone. Cell phone accounts aren't often "joint". However I agree, if its a joint cell phone account she needs to cancel it ASAP.

    Are you sure that all student loans are capped at 40k? I know an awful lot of people (undergrad) who had higher student loans than that.
  9. #9
    ippa is offline Junior Member
    Join Date
    Jun 2008
    Posts
    5
    The cell phone is a family plan. Its under my name and I have him as an additional phone but his name is still present on the account, although, the bill comes in my name.
  10. #10
    LdiJ is offline Senior Member
    Join Date
    May 2004
    Posts
    66,113
    Quote Originally Posted by ippa View Post
    The cell phone is a family plan. Its under my name and I have him as an additional phone but his name is still present on the account, although, the bill comes in my name.
    That one is probably ok....but get those credit cards cancelled and paid off!
  11. #11
    Ohiogal is offline Senior Member
    Join Date
    Dec 2005
    Location
    Ohio
    Posts
    52,832
    Quote Originally Posted by LdiJ View Post
    The cell phones may not be a problem if its in her name and its one of those family plans where you add an extra phone. Cell phone accounts aren't often "joint". However I agree, if its a joint cell phone account she needs to cancel it ASAP.

    Are you sure that all student loans are capped at 40k? I know an awful lot of people (undergrad) who had higher student loans than that.
    Were they federal student loans? here is the uptodate info -- now this has increased:
    [url]http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp[/url]
    If you're a dependent undergraduate student, each year you can borrow up to

    $3,500 (as of the 2007-08 academic year) if you're a first-year student enrolled in a program of study that is at least a full academic year.
    $4,500 (as of the 2007-08 academic year) if you've completed your first year of study and the remainder of your program is at least a full academic year.
    $5,500 if you've completed two years of study and the remainder of your program is at least a full academic year.
    If you're an independent undergraduate student or a dependent student whose parents have applied for but were unable to get a PLUS Loan (a parent loan), each year you can borrow up to

    $7,500 (as of the 2007-08 academic year) if you're a first-year student enrolled in a program of study that is at least a full academic year. No more than $3,500 of this amount may be in subsidized loans.
    $8,500 (as of the 2007-08 academic year) if you've completed your first year of study and the remainder of your program is at least a full academic year. No more than $4,500 of this amount may be in subsidized loans.
    $10,500 (as of the 2007-08 academic year) if you've completed two years of study and the remainder of your program is at least a full academic year. No more than $5,500 of this amount may be in subsidized loans.
    Last edited by Ohiogal; 06-18-2008 at 12:18 PM.
    Parents should remember 3 things: Love your kids more than you hate your ex; when you have children the relationship with the other parent is until death; your children determine what type of nursing home you end up in.
    Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship.

    Attorney-GAL in Ohio.

    I've removed the knife from my back, polished it, and will one day return it -- long after you think I have forgotten.
  12. #12
    ippa is offline Junior Member
    Join Date
    Jun 2008
    Posts
    5
    they were both federal and private

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

© 1995-2012 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.