Can I file bankruptcy for private loans that I used for school? Not sallie mae loans but private loans. ?
Kelly K asked:
I have sallie mae loans but other private loans. I cant pay the private ones, would a law firm help me file?(thanks to everyone who answered my other questions.)
I have sallie mae loans but other private loans. I cant pay the private ones, would a law firm help me file?(thanks to everyone who answered my other questions.)
Alternative student loans (those not guaranteed by the federal gov’t) can be included in a bankruptcy. However, with the new bankruptcy laws, it is very difficult to have a judge approve a total liquidation (chapter 7) and you will still have to pay the student loan(s)(chapter 13) in addition to having a bankruptcy mark on your credit report.
Comment by Christopher B — July 2, 2009 @ 3:07 pm
not if the private loans were student loans. Student loans do not qualify for bankruptcy. You can always check with an attorney, but I think you are going to be disappointed in the outcome. Private student loans are always a bad idea
Comment by Tiare — July 3, 2009 @ 9:19 pm