Maybe....
I qualify the answer because it is dependent on how it was taken out , when it was taken out, and who your lawyer is(not to mention where the bankruptcy gets filed). Most creditors are going to tell you this is a Federal debt that cannot be discharged in bankruptcy, but quite frankly they are looking to collect. See a lawyer if you have other debts and find out what options you have. If nothing else, while you are in the stay period of the bankruptcy you will not have to make payments.
You have not said whether you have defaulted on the debt or not...if you are in repayment you can ask for deferment options. You could also look for consolidation opportunities. The William D. Ford program offers a consolidation option that will take your total debt and give you a 25 year repayment option that is income contingent granting forgiveness on the unpaid portion after the 25 years.
If it is in default the Ford program is still an option as well as rehabilitating the loan if you have the money to make minimum payments. Check out all your options because you need to make sure this does not tag your credit bureau report. This will hurt your credit score for a long time...
2006-08-21 17:01:52
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answer #1
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answered by DiploKnight 2
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You cannot have your student loans discharged through bankruptcy.
However, there are other payment plans available beside the standard.
* Standard: 10-year repayment period
* Extended: up to 30-year repayment period
* Graduated: up to 30-year repayment period, payments start at monthly interest accured and go up every two years
* Income Contengient: payment period cannot extend past 25 years. Based on adjusted gross income, household size, and total student loan indebtedness
Contact the holder of your loans to find out what your monthly payment would be for each of the above payment plans. You might find one is much more affordable.
2006-08-22 02:17:57
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answer #2
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answered by Merries 3
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.. don't declare backruptcy unless you are prepared to take 7 or more years of your life to repair it. That would mean actually putting in an effort and doing what's needed to get a clean credit.
.. 7 years.
.. bankruptcy should be a last resort. When my friends found out I was considering it .. they all offered to help. Becuase they knew how bad it would be.
.. good luck .. I'd talk to family and friends first. Maybe even a debt consolodation company.
.
2006-08-21 16:52:05
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answer #3
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answered by Agent C 3
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Unfortunately no. I know someone who declard bankruptcy a few years ago and she tried to get her student loans in it as well. They told her she wasn't allowed to do it. Any know of student loans has to be paid back accordingly. I'm sorry.
2006-08-22 06:17:00
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answer #4
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answered by Anonymous
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No, even after bankruptcy you will still owe credit card debt and student loan debt. I would try to do a student consolidation loan that may, in fact, lower your monthly bill.
2006-08-21 16:51:18
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answer #5
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answered by EDDie 5
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No. It's specifically prohibited under the bankruptcy laws. If the interest rate is too high, you need to refinance. You may be able to stretch the loan out for more years too to lower the payment.
2006-08-21 16:50:08
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answer #6
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answered by Catspaw 6
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No, but if you are on the verge of bankruptcy you may be able to claim financial hardship to postpone your loans, or even just pay interest. Contact your lender and they will be able to work with you.
2006-08-22 09:42:53
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answer #7
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answered by lbdbratt 2
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nope it's a federal loan. i would try working with you loan officer or the 1-800 number. just keep stressing your situation. pay what you can every month even if you don't have it all. if you fall to far back they take you tax money, or can even get 15% of your paycheck. good luck
2006-08-21 16:53:30
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answer #8
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answered by gooof1 1
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The answer is NO. I tried. I failed. Your just gonna have to work it out.
2006-08-22 05:24:18
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answer #9
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answered by shugabam! 2
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I was told no.
2006-08-21 16:51:27
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answer #10
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answered by Anonymous
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