QUESTION
How will bankruptcy affect my child going to college in two years?
Asked on Jun 30th, 2011 on Bankruptcy - Georgia
More details to this question:
I am thinking about filing bankruptcy but, I don't know what impact that will have on my daughter going to college. Will it hurt her if I file bankruptcy? I really need to know before I go forward with bankruptcy.
7 ANSWERS
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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Probably will not affect child going to college.
Answered on Jul 04th, 2013 at 2:33 AM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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If you're wondering about your ability to get loans to pay for her, the fact of your bankruptcy shouldn't hurt the ability to get government loans. Or any loans, for that matter, a couple of years after filing.
Answered on Jul 01st, 2011 at 11:48 AM
While this is a very thoughtful question which shows great consideration, I am not sure I understand it completely. It should not affect her finances at all. However if you intend to cosign for student loans, it may make obtaining funds more difficult. She would be better served with a cosigner with intact credit. Thanks for tuning in!
Answered on Jul 01st, 2011 at 10:46 AM
Information provided doesn't create an attorney/client privilege nor constitute an offer of services and is only general responses to hypotheticals
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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Pursuant to Section 525 of the bankruptcy code it is illegal to discriminate for obtaining students loans on account of bankruptcy.
Answered on Jul 01st, 2011 at 10:32 AM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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If you are asking if filing for bankruptcy will affect the chances of getting a student loan for your child then the answer is that you may not be denied a student loan for your child because you filed for bankruptcy.
Answered on Jul 01st, 2011 at 10:32 AM
Glen Edward Ashman
This is something that you need to review in depth with your lawyer. Do not (I repeat do not) file pro se. If you do a Chapter 13 you will not be able to borrow for the child at all for a period of time (usually 5 years). A Chapter 7 will usually have far less effect but could affect you getting parent loans.
Answered on Jul 01st, 2011 at 9:58 AM
Bankruptcy Attorney serving Atlanta, GA
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Saedi Law Group, LLC
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This is a very common question we receive from clients. If you are turned down for the PLUS loan (a common one for parents, who apply through their child's college), then your child will be eligible for an additional unsubsidized loan in his/her own name. As a junior or senior, your child should be eligible for a total of $7500 in Federal loans. If they are denied a PLUS loan, then they become eligible for an additional $5000 in "unsubsidized loans," bringing their eligibility for all Federal loans-for which they will not need a co-signer-to $12,500.
Answered on Jul 01st, 2011 at 9:46 AM