Bankruptcy Sp? RUDE

Updated on February 08, 2008
M.B. asks from Schenectady, NY
29 answers

Some People are just so rude and mean... if you cant say something nice dont say anything at all..i have NEVER once left a mean responce to someone on here

hi i am wondering if you can file banksuptcy on student loans? hope someone can help me with this thanks in advance...ok a little more about the student loans they are not mine they are my fiances and they total 60,000 and they are wanting 700 a month for repayment plus income tax refunds...well we went through all our bills and what he makes isnt great and time we pay rent all bills food ect...we only have 128 dollars extra a month theres no way we can pay that amount so now they are wanting to granish his check if they do that we will end up being homeless etc...so we are all stressed out

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thanks for all the info

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P.G.

answers from Pine Bluff on

I know for a fact you cannot file on student loans because it is a federal loan. You can defer the payments for several years. Look at this option. I did this and it helped.

1 mom found this helpful
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J.G.

answers from Knoxville on

No, you can not bankrupt a student loan. You should call the loan company and they will usually work out something with you regarding payment.

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L.S.

answers from Birmingham on

From my understanding, you can not file bankruptsy on student loans. If he has more than one loan you might want to talk to someone about consolidating them into one loan. Some student loan companies will offer a gradual repayment option that allows you to make smaller payment in the beginning and gradually increast over time. Also, and only for a last resort, he could ask for a forebarance. Interest will add up, but no payment for a while might help you for now.

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H.E.

answers from Knoxville on

Hi Ashley,

I just asked my hubby about this (he was a CPA and also worked in the student loan industry for a bit, too). He said that student loans are one of the few things that you can't claim bankruptcy on. Sorry! I wish I had better advice or news for you. He said he wasn't sure if there was another way around this (like taking out a loan to pay your student loans in full, and then claiming bankruptcy on that) or not. But, he knew you couldn't include student loans in a bankruptcy filing. Best of luck to you with all this!

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M.P.

answers from Auburn on

Ashley,

I am 49 Mom and grandmother,recovering Alcholic of 18 1/2 yrs and you must, must go on!! Be happy and grateful you have a daughter, God has given you a child and He has your another child with Him. It will get easier. Trust Me!!

As far as filing on the Student Loans I do not think so they will just attach your Income Tax refunds. So do what ever you can and pay them off. It took me 10 yrs to pay $5000.00 but I did. Good Luck and God Bless.

M.

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A.H.

answers from Baton Rouge on

I am sorry about the loss of your son. I know its very hard to lose a child. You can claim bankrupcy on students loans if they were made from a financial institution but if they are a government loan they will follow you the rest of your life. You can however have them put on hold or on delay for 6 mos or more and can do that a few times. Call the place where you made the loan and ask them about having the loan stopped or delayed while you recover from the loss of your child or maybe until your child enters school. I would not claim bankrupcy if the student loan is the only thing you need to get out of. Its a long uphill battle once you do. Try the options I told you first and then see what is best for you.

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J.O.

answers from Houma on

Hi Ashley - sorry that i can't help you with the bankruptcy part. But just wanted to offer you a word of encouragement. There is a young woman here that the same thing happened too. I understand why you don't want to be away from her but you need to accept all the help you can get during this trying time. If you don't want to leave her, then have someone come in to help you if you can. I suffered from post-partem depression and I felt so all alone. I don't know if this is what is happening to you but if you are, on top of losing your son, this is too much for you to handle. Do you have a support group of friends? Could all of the children and moms get together so you can get out sometime? Do you belong to a church that could help you? A minister or counselor you could talk to. I will keep you in my thoughts and prayers. Things will get better. God Bless.

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S.D.

answers from Chattanooga on

I don't believe it is, but to get an accurate answer you should contact an attorney and ask them. Most of the time initial consultations are free. Sorry about your loss and may I suggest grief counseling?

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L.R.

answers from Shreveport on

Ashley,

We filed bankruptcy about 6 years ago and the lawyer we used told us that student loans can NOT be claimed in the bankruptcy. I know that bankruptcy laws have changed since we filed, so you may want to consult a lawyer to see if that has changed too. No student loans, back child support or things like that can be claimed.

On a side note: a bankruptcy is not the stigma it used to be. People think that it's horrible and will cause all sorts of problems for a long time. That's just not true anymore. After we filed we bought a new car just 2 months after and got a 4.9 percent interest rate on it...that was the lowest rate you could get at the time. We've also refinanced our house for a lower rate and gotten other credit since then, all with no problems. The only inconvenience it caused was that we had to go find our paperwork to provide lenders. Only department stores have been an issue in trying to get credit, although I only tried that once (b/c you could get a discount for applying). I will keep you and your family in my thoughts & I hope that you take each day to grow stronger from your loss.

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L.O.

answers from Nashville on

Hi ashley you cannot file bankruptcy on student loans. A friend of mine just filed and they would not include them. I am so sorry for your loss. Your family will be in my prayers. God bless and have a wonderful day.

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K.C.

answers from Jackson on

You cannot file bankruptcy on student loans. When Clinton was President there was a law passed saying that you couldn't. Believe me, we've looked into it. Now you can file bankruptcy and it will keep your student loan from going into default, but both are really bad for your credit. Pray things work out for you.

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M.M.

answers from Memphis on

Hi Ashley,
As someone who works with student loans and collections I can tell you that student loans will not be discharged through bankruptcy. They have made the laws much, much tighter on loans and bankruptcy. However that does not mean that there aren't other possiblitites to help you out if you are experiencing financial difficulties. Contact who ever the loans are through (this could be someone like Direct loans, Sallie Mae or who ever you got them through and explain your difficulty. There are deferments and forbearances and in some cases if your problems are health related and you receive 100% disability your loans could be considered for cancellation. There are many rules and regulations that go along with cancellation so make sure you understand them all before you proceede. Since I don't now the exact situation this is all general information. Hope it helps.

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D.E.

answers from Knoxville on

Hi Ashley,

I believe that student loans as well as anything owed to the IRS are not allowable in any bankruptcy. You may want to just call an atty's office and ask over the phone, or possibly a search via your state online to see what the laws are.

Deb Emery
www.earnasyouburn.com

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E.W.

answers from Baton Rouge on

Have you filed for a deferment or forebearance? A forebearance can grant you 3 years before you have to start paying back the loans. I am a mother of 3 that was divorce right after the youngest was born. I put myself through school and worked while in school and am now a college graduate and have also remarried. I had to file for a deferment because I just graduated in April and they were ready for me to start paying the loans on February 1, 2008. I was approved and I have a good job, so with you being home I don't see how you wouldn't qualify for either. A deferment is for one year then you can file again for another year. A forebearance is for 3 years.

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C.A.

answers from Huntsville on

My condolences on the loss of your baby, and best wishes and praise for the child who lived. Now, my advice, and I am a daddy, not a mom. Don't get married to your fiance. If he is ready to take on a child, HE can take care of and see about HIS loan. Maybe he has a great job now, because he spent so much money on his education. It doesn't sound like it. My experience in life is this--if you are having money problems now, before you get married, credit problems, cash flow problems, etc.-----why get married? Your man will not even be able to pay child support. A marriage based on a foundation of you running HIS finances, bankruptcy, no help with your child and so on is doomed to fail. I hope it won't, but the outlook is bleak. Don't get married unless He takes responsibility for His loan, pays it back, becomes a dad, and makes your life better. You have a child now. Make grown up decisions. David B.

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K.B.

answers from Jackson on

First and foremost go to community counseling. They charge on the amount of money that you have. You are depressed (rightfully so) and you are going through a huge grief process. If you don't get yourself straightened out and it won't be easy you could eventually bring fear and grief into your daughter's life. You don't want that. If this man is your fiance, you are not liable for his debts. You can get help if you know where to ask for it. Please ask for help. Your daughter deserves to get to know other people even to the point of someday spending the night. What would you do if tomorrow you had a car wreck and someone else had to take care of her until you got out of the hospital. It would devastating to her because you can't at this time leave her anywhere. I will pray for you that you can get help with this depression, and can learn to trust other people who can love your daughter enough to help you. No man is an island and we all need help sometimes. If you can't do anything else go to the health department. Surely they can put you on the right track to find help. And don't worry about the debts that are not yours at this time. When you get well and can focus you might be able to help with them. Please for your sake and your daughter's.

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A.B.

answers from Fayetteville on

Nope, unfortunately you cannot file bankruptcy on student loans. Honey, if I could have, I would have a looonnnngggg time ago! I owe $250,000 in student loans! If you become permanently disabled, however, the student loan companies will send you a form for your doctor to fill out and the loan will be completely forgiven. Otherwise, you are looking at a very long re-payment lifetime...sorry, I wish I could have been more helpful. I hate being the bearer of bad news. :(

Good luck to you,

A.

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L.S.

answers from Little Rock on

No you cannot file student loans. There are forebearance plans and if you are on any kind of state or federal insurance like ArKids then you can apply for financial hardship. They cannot garnish your wages if you are already financially stretched. been there and still there.

A little bout me, 30, three girls, 10, 5 and 16 months, and a disabled veteran from Operation Iraqi Freedom.

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K.L.

answers from Memphis on

If you signed a promissory note on the loan (which I think you have to on all student loans) then they won't let you file banckruptcy on it. As a matter of fact, I think if you get to late they will start withholding money (your tax return, etc). But if you call them saying you have financial distress they will usually work with you in some way.

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L.R.

answers from Decatur on

I am not sure about the bankruptcy but I just wanted to say I am very sorry for your loss. I suffered a misscariage at 4 months and it took a long time for me to deal with it and move on. Someone told me that sometimes babys just die. It makes sense to me. I hope that you can move forward. If you need a friend, my e-mail is [email protected]____.com.

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B.C.

answers from Nashville on

I know absolutely nothing about your bankruptcy but I did want to send my sympathy on the loss of your son. A little note, I am the mother of a 27 year old type 1 diabetic son. This within itself is trying on all levels. I remember my son striving to be the normal kid and in most instances he was just fine as I am sure you were. I know it is hard for you to leave your daughter under the circumstances but remember she will want to be a normal child also and you cannot shelter her from everyone most of all her family. She deserves to be herself. I had to let go and let my son go and do although I was aprehensive. You need to look at ways to get a handle on your loss and possessiveness of your daughter before they engulf you and her. I wish you all the best.

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C.G.

answers from Little Rock on

You cannot declare bankruptcy for student loans alone. Your best bet would be to contact your lender and discuss your circumstances with them. They don't want you to go into default on your loan. They will try to make arrangements with you to possibly delay your payments, and/or lower them. If you are significantly disabled, they may be able to discharge them in bankruptcy. But, you will have to prove that the loans create an undue hardship. I hope that this helps. I am sorry for your loss. For more information go to this site.
http://www.moranlaw.net/studentloans.htm

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R.M.

answers from Birmingham on

Ashley, I would strongly encourage you NOT to declare bankruptcy. If you do, you will suffer financially for years to come, even when things straighten out. I am a dean of students right now and work with students all the time. Intead of filing bankruptcy, I would recommend that you contact your loan provider and work out some kind of payment plan that you CAN work with. The loan is your responsibility, and they would rather receive some payment than no payment. If you owe $100 per month, tell them that due to medical complications and the birth of your daughter, you are no long able to maintain payments at that level. Tell them your budget and offer a lower monthly payment. GET IT IN WRITING. If you do this, they will most certainly place a negative mark on your financial profile and credit but to declare bankruptcy would prevent you, for at least five-seven years, from ever receiving another loan in any form (purchasing a house, car, anything).

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K.P.

answers from Memphis on

Ashley, I'm so sorry for your loss. I've had friends that have lost children (through miscarriage, stillbirth, and in infancy), and I know it is difficult and life-changing.

Other people have told you the answer--no, you can't file bankruptcy on federally-backed student loans, but you can ask for a forbearance--I'm not exactly sure how it works, but I think you don't have to make payments for a while, but the interest keeps adding up, so you do have to pay it eventually. You can check with your loan institution (like Sallie Mae) to see what you need to qualify for it. I would further suggest calling financial counselor Dave Ramsey (his website is www.daveramsey.com) and asking his opinion. His radio show is from 2-5 p.m. Eastern, and you can find a local station by going to his website, or if there's none near you, you can listen to it through the computer, also on his website. If you're wanting tips on how to spend less, so you can live on just one income, then I would highly recommend _The Tightwad Gazette_. There are 3 books total, and they are compilations of newsletters written by a "black-belt tightwad" in the early 90s. (You can find all three in one book, "The Complete Tightwad Gazette." I'd suggest looking at your library first--it's free!) You can maybe find some work-at-home things to do (babysitting, in-home day care, tutoring, etc.) so you can earn a little extra while still taking care of your daughter.

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M.H.

answers from Baton Rouge on

ashley,

No, you cannot file bankruptcy on student loans, wish you could, i would have done it long ago. You can get them deferred though and they do work with you on payments. Good Luck!!

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J.C.

answers from Tuscaloosa on

Student loans are no longer dischargeable in any chapter of bankruptcy unless you can prove that repaying the loan creates an undue hardship on you or your family. Prior law allowed their discharge once they had been in pay status for 7 years. The law changed in the fall of 1998.

Proving hardship usually requires showing that you can't provide a minimum standard of living for yourself and your dependents if you have to repay the loan. Some courts will discharge part of the loan on a showing that repaying it all would be a hardship.

Student loans are sometimes unenforceable due to school closures, fraud, etc. Chapter 13 can provide a way to cure defaults on student loans, or to pay them off over the course of the plan.

You can put them in Forebearance, which makes them where they are not having to be paid back for a certain amount of time, but it is only temporary.

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A.F.

answers from Fort Smith on

Hey as far as I know you cannot filr bankruptcy on a student loan. Because I have even tried to do it. But if you find out something different please let me know...

W.S.

answers from Little Rock on

Not if it is a federally funded loan. I filed for bankruptcy in 2005, and they could not include my student loan. It then went to collections, until I was able to pay it with my tax refund money last year.

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