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How Do I Fill Bankruptcy On A Private Student Loan?

7 Jan, 2010  DIRECT STUDENT LOAN Q&A

11 Comments so far »

1. Sara J said

   am January 7 2010 @ 7:53 pm

   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.
   As with all rules there is one exception: you can discharge a student loan in bankruptcy due to undue hardship. Undue hardship is defined as the permanent physical inability to work. You must prove in bankruptcy court that:
   * You’re physically unable to work
   * You’re likely to be unable to work for most of the loan term
   * You’ve made a good faith effort to repay the debt
   * Paying it would prevent you, your spouse, and your dependents from maintaining a “minimal” standard of living.
   If you believe you qualify under these guidelines, see an experienced bankruptcy lawyer for help filing an adversary proceeding as part of your bankruptcy case.

2. Jdub said

   am January 7 2010 @ 8:01 pm

   You can not file bankruptcy on federal student loans.
   You can file bankruptcy with private alternative student loans. HOWEVER, with the bankruptcy rules that went into effect a couple of years ago, you can’t get out from under private student loan debt or any other debt for that matter.

3. Buffalo NY plastic surgeon said

   am January 8 2010 @ 12:01 am

   just pay it, geez
   call up the company and work out an alternative payment plan, they will accomodate because they want their money any way they can get it. Chances are the only type of bankruptcy you will be able to do on that loan is one that will require repayment anyway.

4. Icecream said

   am January 8 2010 @ 12:55 am

   You’re not allowed to file BK on student loans. The government will garnish your wages and freeze any bank accounts and assets you have if you ever default on them. It’s like trying to file BK on taxes – impossible. They’ll just add more late fees and it will follow you the rest of your life.

5. cuddles said

   am January 8 2010 @ 7:42 am

   nope sorry you can file bankruptcy on everything besides a student loan..
   you could get in touch with them and ask them to defer the payments until you get a job..

6. nite_ang said

   am January 8 2010 @ 9:19 am

   You can’t file bankruptcy on a student loan. Thank Goodness, because I’ve got two kids of my own to take care of, I don’t want to pay for your college.

7. Metropol said

   am January 8 2010 @ 1:05 pm

   you can’t file bankruptcy on a student at all. you can only file bankruptcy on any company or business man (who owns a company)

8. Kelly said

   am January 8 2010 @ 7:00 pm

   you can’t do that

9. the eyes have it! said

   am January 8 2010 @ 11:15 pm

   not on a student loan, no

10. THE MAN FROM IOWA said

    am January 9 2010 @ 4:18 am

    have 100% proof that you cannot even work out a payment plan

11. Michael D said

    am January 9 2010 @ 9:55 am

    Life aint free.. mommy and daddy cant buy you your life.. Suck it up.. pay your bills

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