HELP...I don't know where to turn...

[andrew3100]

I am not sure what options I have for myself, so I thought I would give you an outline of my situation and to see if there is any help for me.

I am married, but most of the positive debt is under my wife. My debt revolves around private student loans. I know that these are very difficult to deal with in bankruptcy court, but I have a lot of debt with these loans, and the majority of the money taken out was NOT used for schooling. During college, just finished recently, I took an extremely large amount of money to use for gambling rather than school and living costs. I am not sure of the total amount, but I think I have a total of around $250,000 or so due to high interest rates and deferring due to lack of income.



Can anything be done? If I were to start paying on these loans, I would be paying roughly $2700 a month in student loan payments. That is more than I bring home in a month. I have caused so many problems with my family due to my addiction, I am ready to move on to a clean slate, but this debt is something that is going to haunt me unless something can be done.



Please advise if you think there is something that can be worked out with this.

[NoMoreCards]

I believe you can only have student loans discharged by filing a hardship. I don't know the correct terminology for this, however look under the heading of "Student Loans" in this forum. There is information there regarding this.

I wish you the best with this. If you haven't already please seek help with your addiction, as many people need help to get past them and move forward. Hopefully things can get resolved for you and you and your family can more forward.

[scorpion35]

I am not sure what options I have for myself, so I thought I would give you an outline of my situation and to see if there is any help for me.

I am married, but most of the positive debt is under my wife. My debt revolves around private student loans. I know that these are very difficult to deal with in bankruptcy court, but I have a lot of debt with these loans, and the majority of the money taken out was NOT used for schooling. During college, just finished recently, I took an extremely large amount of money to use for gambling rather than school and living costs. I am not sure of the total amount, but I think I have a total of around $250,000 or so due to high interest rates and deferring due to lack of income.



Can anything be done? If I were to start paying on these loans, I would be paying roughly $2700 a month in student loan payments. That is more than I bring home in a month. I have caused so many problems with my family due to my addiction, I am ready to move on to a clean slate, but this debt is something that is going to haunt me unless something can be done.



Please advise if you think there is something that can be worked out with this.

if u decide to file bk i hope u are a very good explanation about where all that money went when the trustee asks u
i wish u good luck

[dumpinmydebt]

You will have to look into the hardship thing.

But also remember when you signed the promissory notes you promised that the money would not be used for anything other than school, so keep that in mind because I don't know if admitting you misused the funds would bite you in the butt.

I hope you stay strong on the right path and wish you the best of luck.

[ecsclb1724]

student loan debt will not be discharged unless you can prove a permanent situation which you will be unable to pay (such as a disability), simply because you don't make enough money will not work.

How in the world were you able to wrack up so much in private student loans? Did you have a cosigner or were you working at the time with good credit? Private student loans are not easy to get.

[sworks2]

I am not sure what options I have for myself, so I thought I would give you an outline of my situation and to see if there is any help for me.

I am married, but most of the positive debt is under my wife. My debt revolves around private student loans. I know that these are very difficult to deal with in bankruptcy court, but I have a lot of debt with these loans, and the majority of the money taken out was NOT used for schooling. During college, just finished recently, I took an extremely large amount of money to use for gambling rather than school and living costs. I am not sure of the total amount, but I think I have a total of around $250,000 or so due to high interest rates and deferring due to lack of income.



Can anything be done? If I were to start paying on these loans, I would be paying roughly $2700 a month in student loan payments. That is more than I bring home in a month. I have caused so many problems with my family due to my addiction, I am ready to move on to a clean slate, but this debt is something that is going to haunt me unless something can be done.



Please advise if you think there is something that can be worked out with this.

You're pretty stuck. Anything classified has a school loan isn't going to be discharged. Not a good situation to be in.