According to 9 News, a common trend of personal bankruptcy is being seen with more and more parents co-signing for their children’s student loans. The article goes on to discuss a family’s individual case of multiple adversities, student loans being one of them. Bad financial advice paired with a loss of job and a bad economy leaves the Pixomatis family in a difficult position. Despite losing their home and becoming over $200,000 in debt, the family still had to pay their son’s student loans totaling $90,000. Filing for bankruptcy became their only option. Even though multiple factors went into this particular bankruptcy case, parents being liable to pay off their children’s student loans is becoming a widely acknowledged common factor.
Has your personal finances been affected by the economic downturn? Contact a Colorado bankruptcy lawyer to further discuss your options and legal rights.


