Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Friday, August 1, 2014

The Danger of Cosigning, Inheriting Debt

DebtA couple in California is facing the harsh reality of inheriting large amount of debt due to being a cosigner on a loan for a family member. After their daughter, Lisa, died of liver failure at 27-years-old, Steve and Darnelle Mason inherited Lisa’s $200,000 debt from private tuition loans she took out for nursing school and her father had co-signed. The couple has gone through their retirement accounts trying to pay off the debt and provide for Lisa’s three children that they now care for.  

See Jessica Martinez, Grieving Pastor Parents Inherit Deceased Daughter’s $200,000 School Loan Debt; Salaries Can’t Even Cover Minimum Payments, Christian Post, July 31, 2014.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/08/the-danger-of-cosigning-inheriting-debt.html

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