bankruptcy federal student loans
Has anyone had success with releasing private student loans in bankruptcy?
While its generally accepted that private student loans not be discharged in bankruptcy, which is actually not true. There is a clause that if you can prove that the repayment of these loans are not possible, a Judge may actually discharge in these extreme cases. I try to see if anyone else had this happen to them. My current personal loan debt is $ 183,000 Up to $ 12k in credit card debt and $ 22k in student loans fed. Currently, my private lender that the monthly payments would be $ sketched 1,500 / mth are, In addition to additional interest, I will pay at the end of a quarter million in student loan repayment. For me this would be more extreme than a case that could qualify to be discharged. I'm trying to find out if anyone else has done this. Thank you
I've never seen anyone who has any of their student loans in bankruptcy had known dismissed. Federal or private. I do not think you understand, because people borrow money to buy multimillion-dollar homes all the time what the word "impossible" known. 250 000 is not much of anything really for a house. 250 000 people to pay successful all the time. Just because you borrowed money you afford to not repay, it makes not impossible to pay back, makes it "unlikely". In the spirit of bankruptcy law, it would be impossible REPAY mean that you were in a comma in the last 10 years and probably will not come back to consciousness. UNABLE TO REPAY does not mean that you are to repay a huge amount of interest for a long time! Likely would mean a ridiculous amount you borrowed, which could never repay you. A judge will never give you Bankruptcy in your case, because they are not only able to get the money from you, they will be able to get the money from your co-signer. So do not hold your breath bankruptcy and hopes Read this article completely. http://higheredwatch.newamerica.net/blogs/education_policy/2007/05/private_loan_bankruptcy
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