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in most cases you can't included student loans in the bankruptcy filing. It would all depend on who your're trying to get the loan from. Some would let you have a loan (like the government student loans and stuff) but if your trying a private place like a bank you might not be able to.
What else can I help you with?
Can you obtain a student loan with the exception of the federal loan after filing chapter 13 bankruptcy?
Yes, it is possible to obtain a student loan after filing for Chapter 13 bankruptcy, but it may be more challenging. Private lenders often consider your credit history, which may be affected by the bankruptcy. Additionally, while federal student loans typically do not require a credit check, private loans may. It's advisable to check with various lenders for their specific policies regarding borrowers with a bankruptcy history.
What is Bankruptcy Code Section 523?
Section 523 of the Bankruptcy Code outlines certain debts that may not be dischargable through bankruptcy and remain as a person debts once the bankruptcy estate is closed. Examples of these types of debts are educational loans, tax liens, criminal fines, and money or property obtained through false pretenses or fraud. The actual code section provide a more complete list. If you are thinking of filing for bankruptcy, I urge you to contact a attorney in your area who specializes in bankruptcy filing.
How can you find more information about personal student loans?
One can find more information about personal student loans online at financial aid websites and at participating banks. Federal student loans offer more advantages than private loans.
What is one advantage of federal student loans compared to private student loans?
One advantage of federal student loans compared to private student loans is that federal loans typically offer more flexible repayment options and lower interest rates.
Will bankruptcy remove your student loans?
I worked for Direct Loans so I know a little about these things. You do have a few options. If your income is very low you could change pay plans to the "Income Contingency Plan. This plan is where you make payment according to your income. The payment can be as low as nothing a month. Usually they have payments of $12 a month. After 26 years the federal Government will forgive the loan and you will not have to pay it. Other options are deferments. You can stop payments for several reasons. Call Direct Loans for more information. A deferment stops payment and the Gov. will pick up the interest on the subsidized portion of your loan. You can get a forbearance, which will stop payment on your loan, but you will still accumulate interest on all parts of the loan. I live in WA State. I did a bankruptcy 7 years ago, but was unable to include my student loans. I was told by my attorney that I could have included them if I had paid on them consistently for 5 years prior to the bankruptcy. I had only paid on them for 2 years straight at any one time... between extensions & forbearance's. Like many others, I shall be paying on these damn loans with my Social Security Checks... never mind choosing between eating & medication. ;) The only way to discharge a student loan through bankruptcy would be to demonstrate a hardship. I don't mean 'hardship' as in, gee its hard for me to pay. I mean a hardship like I'm completely disabled and cannot work. Second way out is to emigrate. Student loans are one of those loans that don't go away. If you file bankruptcy,student loans are very much not exempt. You still have to pay up. The Bankruptcy Code used to say that student loans could be discharged if they were more than 7 years old AND some other criteria were met. In the past few years, the Code was changed and now the Bankruptcy Code says (in 11 USC 523): "(a) A discharge ... does not discharge an individual debtor from any debt- (8) for an educational benefit overpayment or loan made, insured or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit institution, or for an obligation to repay funds received as an educational benefit, scholarship or stipend, unless excepting such debt from discharge under this paragraph will impose an undue hardship on the debtor and the debtor's dependents;" This means that you can only discharge student loans in bankruptcy if you can show that repayment causes an undue hardship on you or your dependents, and like someone said in a posting above, this does NOT simply mean "Gee these things are hard to pay." I read a case once where the debtor became paralyzed from the waist down, and the Bankruptcy Court did not allow him to discharge all of his student loans since he could still work a desk job. I think the posting above by the person who used to work for Direct Loans has some really good ideas to deal with student loans, but please keep in mind that nothing I say in this posting or in any other posting constitues legal advice, it is simply my understanding of the facts. Please read! If you and your wife owe 80grand you probably don't owe all of that to federal (staford) loans. federal loans do not go away but if you went to a private school that is much more expensive than federal you probably got extra "gap" loans from bank. those loans get to go! I am about to drop about 50g of 120g. that's mostly credit cards and student gap loans. I have declared Chap. 7 Bankruptcy in 2000. It was discharged, and my student loans were included. However, everyone says I still owe the money. So the question is, does the Judge's word not count? If he accepted the bankruptcy lock, stock, and barrell, it doesn't matter, the student loans still count? I've been paying them since the mid 80's.... many forebearances. If the judges word does count, how do I go about enforcing it? Listing Student loans on the bankruptcy petition does not mean that they are discharged. In order to receive a discharge you must ask the court specifically to discharge the student loans. This is done through an adversary proceeding with notice to the student loan holder. It is much like holding a civil trial during the bankruptcy proceeding. The discharge you received said that "all dischargeable debts" were discharged. This does not include student loans, backed by a government agency, because they are not dischargeable by statute, section 523(c)8 of the Code, unless certain criteria are met. These criteria need to be determine by the court through a "trial." 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. In most cases, the judge will incorporate your student loans into your debt repayment plan under Chapter 13 bankruptcy. Any balance remaining after the payment plan ends will still be due, but your other debts should be paid off by then A bankruptcy will not remove student loans but will include the student loans in the bankruptcy. The debt will be gone, but any credit report listing will continue to be listed as included in bankruptcy.
Can you obtain a student loan with the exception of the federal loan after filing chapter 13 bankruptcy?
Yes, it is possible to obtain a student loan after filing for Chapter 13 bankruptcy, but it may be more challenging. Private lenders often consider your credit history, which may be affected by the bankruptcy. Additionally, while federal student loans typically do not require a credit check, private loans may. It's advisable to check with various lenders for their specific policies regarding borrowers with a bankruptcy history.
Do any lending organizations offer student loans for people with poor credit?
Sallie Mae offers student loans. They do have some poor credit options. You can not clear a student loan by bankruptcy so they are more liberal than for other loans.
What is meant by student loan bankruptcy?
Student loan bankruptcy happens when a student has not been a student for the last 7 years and declares bankruptcy. For more information please contact a student loan office.
What is Bankruptcy Code Section 523?
Section 523 of the Bankruptcy Code outlines certain debts that may not be dischargable through bankruptcy and remain as a person debts once the bankruptcy estate is closed. Examples of these types of debts are educational loans, tax liens, criminal fines, and money or property obtained through false pretenses or fraud. The actual code section provide a more complete list. If you are thinking of filing for bankruptcy, I urge you to contact a attorney in your area who specializes in bankruptcy filing.
In specific detail with all criteria what is the 7 yr rule that replaced the 5yr rule in 1990 at it relates to federally guaranteed student loans and chapter 13 bankruptcy?
You are misinformed. Federally guaranteed student loans are not dischargeable. Period. There is no 7 year rule any more.
How can you find more information about personal student loans?
One can find more information about personal student loans online at financial aid websites and at participating banks. Federal student loans offer more advantages than private loans.
What type of student loans can you file under bankruptcy?
A law was passed in 1998 that has made it even more difficult to discharge a student loan in bankruptcy. It is incredibly difficult to discharge a loan in this way, and the only approach is to convince a court that repaying the loan would create a severe hardship for you. You would have a better chance of cancelling the loans or postponing payments through forebearance or deferrment.
What is one advantage of federal student loans compared to private student loans?
One advantage of federal student loans compared to private student loans is that federal loans typically offer more flexible repayment options and lower interest rates.
Can student loans be discharged in a bankruptsy because of hardships?
Yes, there is a very SMALL possibility that student loans can be discharged in a bankruptcy proceeding and you are correct to say that the reason would be with a very compelling showing of hardship. That being said, this is very uncommon and student loans are typcially classified in a category of nondischargeable debt. A law was passed in 1998 that has made it even more difficult to discharge a student loan in bankruptcy. It is incredibly difficult to discharge a loan in this way, and the only approach is to convince a court that repaying the loan would create a severe hardship for you.
I owe about 7000 in student loans which I am paying on can I go back to school and get more student loans?
Yes, you can take out additional loans as long as you are not in Default on the current loans.
Where can someone go to learn more about college education loans?
You can learn about college education loans from government websites such as Student Loans and Student Aid. Other websites include CU Student Loans and Scholarships.
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
