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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)
What else can I help you with?
Can you put student loans on bankruptcy?
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.
Student loan co signers I filled chapter 7 bankruptcy in Michigan can my name be removed from the sallie Mae student loan that I co signed with my son under Michigan bankrutcy law?
Most student loans are not dischargeable under any chapter of Bankruptcy in Michigan.
Can student loans be exempt from creditors?
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.
Can you include back child support payments in a chapter 7 bankruptcy?
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.
Could the US government take the proceeds from the sale of you home if you have a judgment against you because of a student loan and you filed bankruptcy?
Yes. Federally funded student loans are not dischargeable in bankruptcy.
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.
Do you still have to pay for student loans when you file a bankruptcy?
You report all assets and all liabilities. However, government insured or backed student loans are NOT dischargeable.
Is a loan that was taken out for school but is not considered a student loan dischargeable in a Chapter 7 bankruptcy?
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.
Will chapter7 bankruptcy clear dept?
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.
Can you file bankruptcy on Nelnet loans?
In general, student loans, including those from Nelnet, are not typically dischargeable in bankruptcy. However, there are certain circumstances where student loans may be discharged, such as if the borrower can prove undue hardship through an adversary proceeding in bankruptcy court. This is a complex legal process that requires meeting specific criteria set by the court. It is advisable to consult with a bankruptcy attorney to explore your options and determine the best course of action.
Is paying off SallieMae college loan manadatory if you are filing for bankruptcy?
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.
Can you file a student loan in chapter 13 bankruptcy?
Gov't insured or Guaranteed loans are not dischargable.
