QUESTION
Is it a good idea to file bankruptcy so you can pay your student loans?
Asked on Aug 16th, 2013 on Bankruptcy - Florida
More details to this question:
My monthly student loan payment is about what I'm paying on four separate credit cards. But I can't afford to do both, and I've been able to find a job that will pay me more than I'm already making. Should I file bankruptcy to discharge my other debts so I can make student loan payments or risk defaulting?
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
That is certainly one option. The only way to determine if it is your best option is to have a comprehensive consultation with a bankruptcy attorney in your area. There is a lot to examine, including what alternatives you have to filing bankruptcy, your resources, and many others.
Chapter 13 bankruptcy can also be used to both eliminate your credit card debts and get you on an affordable payment plan for your student loans.
In any event, it is impossible to tell you whether it is a "good idea" for you to file bankruptcy without getting all the facts and going through a consultation.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
Answered on Aug 18th, 2013 at 5:11 PM