Hearing on Private Student Loan Bankruptcy Fairness Act of 2010

[TeacherMomma]

Yeah did that a week or so ago. I guess when you see "2010" you get excited.

[leigh2]

Sorry folks

. Sorry to have to tell you.This bill is probably NOT going to help you. You can't file for bankruptcy on the loan if you have a co-signer

[SuedDude]

And what if you had no co-signer? I've been trying to find out what this is and hope that it will pass if it can help me out of a huge mountain of debt. Even if I could put all of my wages to what I owe it will take me over 3 years to pay it off. If only I could win the lottery and pay it all off.

[leigh2]

Loan

If you dont have a co-cigner you just have to meet the bankruptcy standards.. They may not discharge the loan entirely you know. The judge may just decrease it or lower the payments.

[trolls1983]

I have talked to many lawyers and my Senator and Rep and they think this will pass. The main reason is because almost 60% of students are in default or deferment. This has the potential to be worse than the housing crisis. Students were actually better off putting their education on credit cards than student loans. The whole system has been flawed from the get go. Also check out studentloanjustice.com and forgivestudentloandebt.com or check them out on Facebook. This is going to happen and you will be able to discharge with a co-signer.

[leigh2]

Nooo.

If you file bankruptcy your co-signer will be stuck with it.. that doesn't change anything..

[trolls1983]

Yes i know this. Your co-signer will also have to file. Its better than being stuck with something you or the co-signer will never be able to pay. I also have a co-signer. So my parents know exactly what the situation is. Good Luck! This is a good thing.

[leigh2]

No, its not a good thing.

You do know that you when you file for bankruptcy you will lose everything you own... right? You will lose your car and savings account and even your home can be lost if you file for bankruptcy.They take most everything of value that you own and sell it to pay the debts. Are you and your parents willing to give up everything you have worked for?

[Mi Bankruptcy]

LOL.. OK leigh.. you have no idea what you are talking about. I filed chapter 7 kept my house and two cars ( both of which I pay on)..

You do know that you when you file for bankruptcy you will lose everything you own... right? You will lose your car and savings account and even your home can be lost if you file for bankruptcy.They take most everything of value that you own and sell it to pay the debts. Are you and your parents willing to give up everything you have worked for?

[justbroke]

You do know that you when you file for bankruptcy you will lose everything you own... right? You will lose your car and savings account and even your home can be lost if you file for bankruptcy.They take most everything of value that you own and sell it to pay the debts. Are you and your parents willing to give up everything you have worked for?

I also have lost absolutely nothing in my Chapter 13 and Chapter 7 bankruptcy.

[leigh2]

LOL.. OK leigh.. you have no idea what you are talking about. I filed chapter 7 kept my house and two cars ( both of which I pay on)..

If you owe more than its worth.. of course, they arent going to take a loss on YOUR car.In Florida you have a $1,000 car exemption..(meaning they can take a car worth $12,000, that wouldnt be fun, would it)... do you know of anyone who drives a car worth less than $1,000? Your house depends on what state you live in.. and how long you have lived in that state. Florida pro-rates homes depending how long you have lived there..

The point is that filing BK isnt just a matter of showing up.. many people opt out as compared to losing everything. For example, If I filed I would lose my $15,000 Honda thats paid for.
People need to know this about filing BK on a student loan is no easy out.

[leigh2]

I also have lost absolutely nothing in my Chapter 13 and Chapter 7 bankruptcy.

Chapter 13 is reorganization.. no help with student loans there

Besides you SPAMMERS dont count.

[justbroke]

Chapter 13 is reorganization.. no help with student loans there

First, check my post count. Second, read my signature line. Third, I'm from Florida.

Enough said.

[leigh2]

"check my post count"------check
"read my signature line"I am not an attorney. Any advice provided is not legal advice. ----check
"I'm from Florida"-----me too!

[Mi Bankruptcy]

"check my post count"------check
"read my signature line"I am not an attorney. Any advice provided is not legal advice. ----check
"I'm from Florida"-----me too!

Ignoring Leigh2... It's a troll trying to get people to argue.. CYA