What are my options if my son created an account and borrowed school loans in my name without my permission?

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What are my options if my son created an account and borrowed school loans in my name without my permission?

Asked on February 18, 2011 under Bankruptcy Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

1) You can disclaim the loan to avoid being responsible for it, but that will involve essentially labeling your son a thief; you can expect that if you do this, (a) you may have to fight (take legal action) to get the lender and/or school to accept it (they may feel you're just trying to get out of a legal debt), but also (b) expect that the school or lender will likely report your son for fraud to the police. And (c) your son will owe the money.

2) You can accept responsibility for the loan, then sue your son to force him to pay you; this would probably avoid having him reported to the police, etc., as long as the suit is just between the two of you.

3) You can pay the loan and either accept the loss or work it out with your son some other way--maybe he pays you in installments, maybe you take it out of what he'll inherit (if there would be an inheritance and you have somewhere/someone else to leave the money), etc.


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