QUESTION
Can I include student loans if I filed for bankruptcy?
Asked on Mar 06th, 2013 on Bankruptcy - Michigan
More details to this question:
Can I include student loans in a bankruptcy. How much will it cost. How long will it take.
13 ANSWERS
It is very difficult to place a student loan in bankruptcy but it is not impossible. You have to petition to do so and its restrictive, such as you will never have the income to replace the amount of the student loan and you never plan to be a student...just to name a few.
Answered on Mar 17th, 2013 at 11:32 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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No, student loans are not dischargeable in bankruptcy.
Answered on Mar 07th, 2013 at 11:59 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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All debts, including student loans, must be listed in your bankruptcy. Student loans are not dischargeable unless you file a separate action in the bankruptcy. This separate action is called an adversary. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Mar 07th, 2013 at 9:08 PM
You must include your student loans on your bankruptcy filing, even though it is unlikely you will be able to eliminate these debts. How much will what cost? How long will what take? What something will cost and how long it will take depends on a number of factors which you have failed to described. Most bankruptcy lawyers have a set fee schedule based on the type of bankruptcy you qualify to file, your income level, and whether you are filing with or without a spouse.
Answered on Mar 07th, 2013 at 8:04 PM
Bankruptcy Attorney serving Charleston, SC
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Davis Law Firm
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The answer is that most of the time you cannot discharge student loans.
When you file bankruptcy, all debt, even debt that will survive the discharge in bankruptcy, must be listed.
If you meet a very strenuous test regarding your situation and ability to pay, then the debt could be discharged. The standard is high and not many student loans are discharged in a bankruptcy case.
By some estimates, student loan debt exceeds the amount of credit card debt. This huge and usually non-dischargeable debt is going to be a huge drain on the economy and will keep many people from buying homes and fully participating in the economy.
There are proposals in Congress to make some student loan debt dischargeable. You may want to contact your Congressman or Senator in Congress and urge the the rules be changed.
At one time, student loans were dischargeable after you paid on them for 6 years, then 8 years and now it is never in most cases.
If you did not receive the education that the student loans were obtained for, these loans can also sometimes be discharged. You need to meet with an attorney who can go over your situation and advise you if you might qualify to discharge student loans in a bankruptcy.
Answered on Mar 07th, 2013 at 10:31 AM
2 Awards
You must list all debt when you file bankruptcy. The question is whether the debt is dischargeable. Most student debt is nondischargeable.
You should see advice from an attorney on whether your debt is dischargeable. A chapter 7 takes roughly 120 days.
My office charges $2,500, including all filing fees and costs.
If you require a chapter 13, the no look fee in this district is $4,500. It runs between 3-5 years.
Answered on Mar 07th, 2013 at 10:31 AM
Complex Litigation Attorney serving Costa Mesa, CA
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Thomas Vogele & Associates, APC
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Student loans are not discharge able in bankruptcy, subject to a very narrow exception.
Answered on Mar 07th, 2013 at 10:30 AM
Insurance Attorney serving Redlands, CA
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Orrock, Popka, Tucker & Dolen
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Student loans are unsecured debts and must be disclosed along with all other debt when you file bankruptcy.
Student loan debt is rarely discharged. If you can demonstrate that repayment of the student loan will cause undue hardship, the court may grant a discharge.
The court cost of chapter 7 bankruptcy is $306.00. Attorney fees vary between $800 to $1500. They could be more or less depending on the complexity of the debtor's situation.
A Chapter 7 bankruptcy for individuals is usually completed within 5-6 months.
Answered on Mar 07th, 2013 at 10:30 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Student loans are not dischargeable.
Answered on Mar 07th, 2013 at 10:30 AM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
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Law Offices of Deborah A. Stencel
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Generally, student loans are not discharged in bankruptcy.
Answered on Mar 07th, 2013 at 10:30 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
2 Awards
At this time, Student loans are not dischargeable in bankruptcy. It is possible in the future that private student loans may be dischargeable, as there is a bill in Congress about it, but at this time, even if you include it, it does not discharge them.
Answered on Mar 07th, 2013 at 10:29 AM
Student loans are not dischargeable in Chapter 7- only can be repaid in Chapter 13.
Answered on Mar 07th, 2013 at 10:29 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Student loans air generally Not dischargeable, therefore it is best for you to take the details to a bankruptcy attorney prior to filing.
Answered on Mar 07th, 2013 at 10:29 AM