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Eva Said:Can student loans be included in bankruptcy filing or do you have to pay those back no matter what?
We Answered:You have to pay student loans back no matter what. They do not disappear if you file bankruptcy or go to prison or for any other reason besides death.
Calvin Said:student loans & bankruptcy?
We Answered:I can't swear to it on the private student loans but I can tell you pell grants are not loans so there is no expectation to pay them back anyways.
Elizabeth Said:Student loans bankruptcy?
We Answered:Since 2005, private student loans are treated very similar to federal student loans - they're all non-dischargeable, generally speaking. Which means it's going to be very hard to get rid of these through bankruptcy. So few student loans get discharged; you're really going to have a hard time finding a bankruptcy lawyer that'll help you dispute the loans, unless you have an extraordinary case.
In order to get these discharged in bankruptcy, you have to prove that the loans would cause "undue hardship" on you and your dependents. You'll have to prove that both of the following: a) you don't have the means to pay them, and b) it actually causes you a hardship to have to pay them. Which is actually a lot harder than it sounds - far less than half of 1% of bankruptcy filers get their student loans discharged due to "undue hardship," which is the only excuse you can use. You have to show where all the money you make is going and why it can't go on the student loan payments, and you have to probe that there's a hardship that would prevent you from, say, getting a second job to pay it off.
Have you tried to get your student loan payments adjusted? Usually, the loan provider will allow you to make the term of the loan longer to make the monthly payment smaller, or they may make the term longer in exchange for making the payment a reasonable portion of your income. Your ability to re-pay it should improve over time as your income increases. If you haven't been able to find a job yet, you MIGHT be able to convince your bank to give you a temporary deferral.
You really need to try to make one of these arrangements with the bank, because your chances of getting the loan discharged in bankruptcy are very low, unless you have a strong case to argue "undue hardship."
For more information on private student loans and bankruptcy:
Stacey Said:Are there any ways to include student loans on a bankruptcy judgment?
We Answered:at one time there were allowed, but the attorney had to word it just right and everyone had to approve of it....but several years ago approximately 10 years ago the government and the financial people figured out that a lot of students were using bankruptcy to get out of paying their student loans..a lot are either government money or insured by some type of government loan..so the government said we need to put a stop to this, and I believe they did just that...
so at this time I say the answer to your question is no..
sorry...but no..hey I am still paying for mine....I just wish they would cut the interest way way down...
but I would ask a really good attorney this one before you make any decisions...
Lorraine Said:Student loans and bankruptcy?
We Answered:The answer to this is kind of complex. I found a really good resource online, though, at http://www.finaid.org/questions/bankrupt…
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