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Private Student Loans Bankruptcy
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Neil Said:Liklihood of chapter 7 bankruptcy for students with private student loans?
We Answered:My opinion, or all it's worth. Bankruptcy laws will never be changed to allow more to try to get out of paying them back.
Private AND federal. If the hint of this is even smelled, it will become impossible to get them.. which you know,
might not be a bad thing. :0)
Pamela Said:Private Student Loans & Bankruptcy?
We Answered:Due to bankruptcy reforms in 1998 and 2005, it’s almost impossible for the average person to discharge federal or private student loans through bankruptcy. Although your student loan can’t be discharged in bankruptcy, a bankruptcy court may be able to ease an overwhelming debt burden. Some courts may discharge a portion of your student loans, but this is rare and varies by court.
Bradley Said:Senator Dick Durbin's bill to discharge private student loans in bankruptcy?
We Answered:Call the Senators office and ask.
Shane Said:can private student loans be wiped out in bankruptcy court?
We Answered:I presume you are in the US right? I'm in the UK and when i filed for bankruptcy, student debt (what i mean if student loans that are government backed - ie, not just a loan from a bank that was for students) cannot be wiped. This will have to be paid back. You can, however, negotiate new terms at court if these payments are causing unnecessary hardship.
Hope that helps
Clifford Said:Has Anyone had success with discharging private student loans in Bankruptcy?
We Answered:I have never known anyone who had any of their student loans discharged in bankruptcy. Federal or private.
I think you do not understand what the word "impossible" means because people borrow money to buy multimillion dollar homes all the time. 250,000 is not much of anything, really for a house. People successfully pay 250,000 off all the time. Just because you borrowed money you can't afford to repay does not make it impossible to repay, it makes it "improbable". In the spirit of the bankruptcy law, IMPOSSIBLE TO REPAY would mean you were in a comma for the last 10 years and not likely to regain consciousness. IMPOSSIBLE TO REPAY does not mean that you have to repay a huge amount of interest over a long period of time!
Improbable would mean you borrowed a ridiculous amount of money that you could never repay. A judge will never grant you a bankruptcy in your case because not only will they be able to get the money from you, they will be able to get the money from your cosigners. So don't hold your breath on the bankruptcy hopes and read this article completely.
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