I am looking in to filing bankruptcy.I have 23k in debt and 10k in student loans.I was wondering if anyone has filed on their student loans I heard it was impossible.
2007-01-04 04:53:52 · 8 answers · asked by katzgto67 2 in Business & Finance ➔ Personal Finance
Why would you do that, anyway!? Student loans are among the easiest in terms of creditors. They will take practically any amount you will pay them which keeps you out of default.
You're really not going to have much luck with bankruptcy. The bankruptcy laws changed recently, and where you used to be able to wipe away most debt with a bankruptcy, now you will have to provide means of repayment.
Contact a lawyer who specializes in bankruptcy. Good luck!
2007-01-04 05:05:10 · answer #1 · answered by mom2trinityj 4 · 0⤊ 0⤋
You are not allowed to include student loans in bankruptcy. I have heard rumor that in extremely rare cases it has been done but I doubt you would qualify.
There is however a federal program that will probably work for you...its called; The William Ford Direct Loan Program. They (It's run by the federal government) will consolidate your student loans and bring you out of default. It's income contingant, based on your income...if your income is low, you pay next to nothing. I HIGHLY recommend it. The phone # is: 1-800-848-0979. If you're currently in default on a student loan, It will bring you out of default immediately which will help your credit report.
The website is; www.dl.ed.gov
Also, just a word of caution; try to avoid bankruptcy at all costs if possible. It will really affect your credit for years. At least contact a non-profit credit couseling agency in your area to see if they can help you with a repayment plan to all of your creditors (mainly if it is credit card debt...NOT for the student loan) . Tell them that your alternative is bankruptcy and they deal with all your creditors and can sometimes cut your debt by up to 75% and you would just send in one monthly payment.
But I really suggest using the William Ford Direct Loan Program that I mentioned above for the student loan debt, contact them today.
Good luck to you!
2007-01-04 05:35:20 · answer #2 · answered by Mary R 5 · 2⤊ 0⤋
Student loans are exempt from bankruptcy laws, and survive in perpetuity. There was a case this year of a gentleman who put off his student loans until he qualified for social security, and they garnished that check to pay them!
The other debt may be "forgiven", but the student loans will remain. Sorry.
2007-01-04 05:22:09 · answer #3 · answered by gengidashiell 3 · 2⤊ 0⤋
take a glance on the legislations on financial disaster. i grew to become into made bankrupt purely beforehand of recieving my student mortgage. the legislations states that student loans fall out edge of the valuables of the bankrupt. u will have not got any problem with the respected Receiver in this count.A student mortgage made till now or after the commencing up of a student's financial disaster isn't called an asset that the trustee would declare, if a stability of the interior maximum loan continues to be payable. e respected Receiver in this count.
2016-10-29 23:53:28 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You can't file bankruptcy on student loans.
2007-01-04 05:37:53 · answer #5 · answered by tiffantre 3 · 1⤊ 1⤋
Correct... IT is NOT possible... go ahead and file but your student loans will be there, waiting in the wings for you to pay them off and the collections keep coming.
Buckle down and pay them off and life gets better!!
Happy Thursday !!
: )
2007-01-04 05:09:39 · answer #6 · answered by Kitty 6 · 1⤊ 1⤋
There is some useful advice here.
2007-01-07 00:24:46 · answer #7 · answered by bill b 2 · 0⤊ 0⤋
not possible
student loans are not bankruptable
2007-01-04 04:56:45 · answer #8 · answered by derek 4 · 1⤊ 1⤋