All federally backed student loans are, for practical purposes, NON-DISCHARGEABLE. I say practically because the only way it would be dischargeble is if there was no way you would be in a condition to pay the loan off. Court precedent basically allows discharge if, for example, you are paralyzed from the neck down, have MS, etc... (severe medical condition that incapacitates you)
You must list student loans in your bankruptcy. They are not dischargeable, though collections actions are stayed by the automatic stay when the case is filed.
Most student loans are not dischargeable under any chapter of Bankruptcy in Michigan.
Your outstanding student loans will not be exempt from creditors nor will they be dischargeable (absent exceptional circumstances) in a Chapter 7 or 13 bankruptcy proceeding. This is an important obligation that should be a priority you attend to because it will NOT go away.
No child and/or spousal support are not dischargeable in a chapter 7 BK. It is my understanding that child support, student loans, taxes owed, and things along that line cannot be included in a bankruptcy.
Yes. Federally funded student loans are not dischargeable in bankruptcy.
You are misinformed. Federally guaranteed student loans are not dischargeable. Period. There is no 7 year rule any more.
You report all assets and all liabilities. However, government insured or backed student loans are NOT dischargeable.
Student loans are only non-dischargeable if they are funded by Federal or sometimes state monies. Some banks do act on behalf of government in lending Federally secured funds. You need to find the source of the funds that were lent, to know the status applied in a BK.
A chapter 7 bankruptcy is the nuclear bomb of debt clearing. It will however, not get rid of certain taxes, preference payments, college loans, and other not dischargeable debts.
Student loans from any lender are not usually dischargeable in bankruptcy. They will temporarily stop collection during the proceedings, but interest will continue to accrue.
Gov't insured or Guaranteed loans are not dischargable.
Yes. Educational loans fall under the category of "non-dischargeable debts" and do not go away in any type of bankruptcy filing.