Posted on: 08th Jul, 2006 04:11pm
You might have taken out a student loan with the hope of getting a good job after completing your course. But sadly enough, you may not get a good job or may not get a job at all. In such situation, you may find it incredibly hard to pay off your student loan. However, the hardest part here is that despite the fact that you are facing difficulty in paying off your student loans, but still you can’t file bankruptcy for discharge of your student loans.
Though home loans or car loans are dischargeable through bankruptcy but student loans can’t be discharged by bankruptcy. In other words, you can’t choose the bankruptcy route as the last option to cancel your student loans. Here, you won’t have any other option left but have to repay your student loans on your own.
Student loans can be discharged in bankruptcy only if the bankruptcy court decides that it is putting undue financial hardships on you and your family members. It is however very tough to prove that you are facing undue hardships and maintaining bare minimum standard of living. You also have to prove that you don’t have any chance that your pay would get better.
Here it is to be noted that student loan debt is a serious crisis in the country at present. Many of you are facing the problem on student loan defaults. Now, it is high time to bring some changes in the rules related to student loan discharge through bankruptcy.
Though home loans or car loans are dischargeable through bankruptcy but student loans can’t be discharged by bankruptcy. In other words, you can’t choose the bankruptcy route as the last option to cancel your student loans. Here, you won’t have any other option left but have to repay your student loans on your own.
Student loans can be discharged in bankruptcy only if the bankruptcy court decides that it is putting undue financial hardships on you and your family members. It is however very tough to prove that you are facing undue hardships and maintaining bare minimum standard of living. You also have to prove that you don’t have any chance that your pay would get better.
Here it is to be noted that student loan debt is a serious crisis in the country at present. Many of you are facing the problem on student loan defaults. Now, it is high time to bring some changes in the rules related to student loan discharge through bankruptcy.
i want to get out of student loan also by filing bankruptcy. is it possible to do so?
Hi,
I don't think you can get out of a student easily by filing bankruptcy. I had filed a bankruptcy few years back but was unable to include my student loans.
My attorney told me that it would have been possible if I would made payments consistently for 5 years prior to bankruptcy.
I had made payments less than that and so it was not possible.
I don't think you can get out of a student easily by filing bankruptcy. I had filed a bankruptcy few years back but was unable to include my student loans.
My attorney told me that it would have been possible if I would made payments consistently for 5 years prior to bankruptcy.
I had made payments less than that and so it was not possible.
I am sorry to say that student loans are one that doesn't go away. They are not discharged through bankruptcy.
Hi,
Welcome to MortgageFit Forums.
Although I would suggest you to consult with a bankruptcy attorney, but as much as I know student loans are rarely discharged. Only if the bankruptcy court determines that a payment towards the loan can create major financial hardship then you may get a discharge.
Financial hardship is probably the only way to get discharged from a student loan through bankruptcy. Hardship means true hardship and not that simply because you face it hard to pay. Hardships, for example caused by physical disability for which you are unable to work can be considered.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
Although I would suggest you to consult with a bankruptcy attorney, but as much as I know student loans are rarely discharged. Only if the bankruptcy court determines that a payment towards the loan can create major financial hardship then you may get a discharge.
Financial hardship is probably the only way to get discharged from a student loan through bankruptcy. Hardship means true hardship and not that simply because you face it hard to pay. Hardships, for example caused by physical disability for which you are unable to work can be considered.
God bless you.
For MortgageFit,
Samantha
yes student loans can be discharged but not through bankruptcy in most cases but there are rules that allow loans to be discharged i have been helping people do this for the past year and done very well at it call me and see if you might qualify if you do then i can help i charge a small fee but if you dont qualify then i dont the call is free to find out thanks michael gates 'studentloanhelp@aol.com' or 1-866-757-6228 or my website is officialstudentloanhelper.com
i have a student loan thats 17 yrs old,it was a $4000.00 and now its $30,000.00. I cant get this down and every yr they take all my taxes and the loan continues to go up. Any help for me?
Student loan consolidation can be one option you can choose.
Hi Medio,
I guess you haven't been making payments on the student loan. But how is it possible that the creditor hasn't knocked you for payments these years. He must have had losses on account of the non-payment. I am also surprised to know that he didn't refer your loan to any collection agency. Anyway, it's good that he didn't.
I think you should immediately consult a debt consolidation company and try to clear the debt as soon as possible.
I am aware of a debt community which helps people get out of their debts. It is the debtconsolidationcare community. You may visit their forums and enquire about your student loan consolidation.
Thanks.
I guess you haven't been making payments on the student loan. But how is it possible that the creditor hasn't knocked you for payments these years. He must have had losses on account of the non-payment. I am also surprised to know that he didn't refer your loan to any collection agency. Anyway, it's good that he didn't.
I think you should immediately consult a debt consolidation company and try to clear the debt as soon as possible.
I am aware of a debt community which helps people get out of their debts. It is the debtconsolidationcare community. You may visit their forums and enquire about your student loan consolidation.
Thanks.
I have consistently paid on my defaulted student loan for the past 8 years. What was originally a $11,000 loan has sky rocketed to over $30,000. As of this date I've paid over $24,000 on my loan - but have only received credit for paying down $1000 in the 8 years - everything else has gone to interest. Is there legal help for someone like me?
Hi Tess,
Welcome to this forum.
I think you should call the lender and ask him for a "reasonable and affordable payment plan." It will help you to pay back your defaulted loan. If you make the "reasonable and affordable payment plan." you should keep up with the payments. This is one time chance. if you do not make payments, you will not get a second chance.
Thanks,
Larry
Welcome to this forum.
I think you should call the lender and ask him for a "reasonable and affordable payment plan." It will help you to pay back your defaulted loan. If you make the "reasonable and affordable payment plan." you should keep up with the payments. This is one time chance. if you do not make payments, you will not get a second chance.
Thanks,
Larry
AI AM HANCICAPPED AND THE SCHOOL KNEW I COULD NOT GET A POSITION IN MY CHOSEN FIELD. I STILL HAVE TWO STUDENT LOANS.
So gary, what's your question? are you having payments problems with the student loans?
hello. my credit report is showing that my student loans as"bankruptcy chapter 7 studentloan-payment deferred account included in bankruptcy chapter 7,11 or 12." It also states in another area under my student loan " debt included in or discharged yhrough chapter 7,11 or 12." Does this mean that it was charged off?
Hi Chris!
Welcome to Forums!
"Discharged" and "Charged off" are two different concepts. Discharged means that the bills are wiped out after you successfully completed a repayment plan or may be the lender has forgiven it. Charged off means that the lender is not bothered to collect your loan due to your continuous non-payments of dues and has sold off your mortgage to a collection agency who will collect it by pressurizing you.
Its better you consult a bankruptcy expert with your credit report and know things in details.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
"Discharged" and "Charged off" are two different concepts. Discharged means that the bills are wiped out after you successfully completed a repayment plan or may be the lender has forgiven it. Charged off means that the lender is not bothered to collect your loan due to your continuous non-payments of dues and has sold off your mortgage to a collection agency who will collect it by pressurizing you.
Its better you consult a bankruptcy expert with your credit report and know things in details.
Feel free to ask if you have further queries.
Sussane