2006-11-20 14:36:40 · 2 answers · asked by heather r 1 in Business & Finance ➔ Personal Finance
You used to be able to discharge a loan that was 7 years old or older. That law was changed in 1999. Now you need to be truly destitute. You can try but I wouldn't count on it. Consult an attorney. Most will do a BK consult for free.
2006-11-20 21:21:33 · answer #1 · answered by Big R 6 · 0⤊ 0⤋
I'm not exactly clear on what you mean by "private student loans" but if you're talking about a debt taken out to pay for school from a standard lendor - yes. For example, a bank or credit union, or evev a relative - yes. They can be.
If you're talking about loans for a trade - such as truck driving school - yes, I believe those can be discharged as well.
Federal loans cannot.
Bankruptcy laws were totally revamped in October 2005. I'd consult with an attorney for particulars. Most will do a consultation at no charge.
Good luck to you.
2006-11-21 22:29:22 · answer #2 · answered by chey_one 3 · 1⤊ 0⤋