I suggest that you consult with an attorney who practice in the area of consumer law to assist you in the defaulted student loan situation. Possibly a re-write of the loan where you would be able to make consistent monthly payments given your current financial situation.The funds in your mutual account could be suject to a levy in the event of a judgment against you. Another option is to call the lender's representative to discuss your current situation and try and work out a monthly payment schedule.