Posted on: 30th Jan, 2010 09:31 pm
I filed a chapter 7 back in 2003 on my own and was able to receive a discharge of my debts. I had a daughter two years later and incurred debt again due to trying to live above our means. I also am in graduate school and have maxed out in available loans. (I'm paying my last year out of my own pocket. I had a car repossessed in August but I was able to get a ne car before this occurred. With the car, I have about $20,000 worth o debt. If I include my government based school loans which will become in repayment later this year, I will have about $170,000. I'm not sure if I would be able to file a chapter 7,excluding the school loans. I've read that sometime depending on your ability to pay, government based school loans can be forgiven. Or, if I would need to file a Chapter 13. I'm growing more concern as I get closer to graduating due to my monthly loan repayment being possibly $1000.[/left]
I would suggest you to contact a bankruptcy attorney and check out which chapter would be better for you. If you want to file chapter 7, you will have to qualify the means test. Your attorney will help you in going through the means test and let you know whether or not you qualify for it.
I have not heard that government loans are forgivable. Frankly, if you have recieved $170,000 worth of education one would hope you can get a decent job to pay it back $1000 per month. I would think it's about time you took some responsibility for your self infilcted debt.
There is no way to get away from student loans. They will stick with you forever bankruptcy doesn't even take them away. There is only one way I have ever heard of it working. I did a mortgage for a doctor just out of med school. He got out and signed a contract with a hospital for about $300k a year. He then went and got a credit card with no limit charged the student loans on the card and filed bankruptcy on the card. Its not a good thing to do I am just sharing a story.
Student Loans don't get discharged with bankruptcy. They'll be with you your whole life, until they're paid in full.
