I'm 21, I managed to rack up about 110,000 dollars in debt. 80,000 of it is currently in Private School loans. When I was doing some research on Filing I couldn't help but notice the big "School loans do not fall under Chapter 7 or 13". I can't pay them. My Income is about 38,000 a year and Im currently under a debt management program for my credit cards which are about 11,000+. But after the management plan is done with me, My car payment, insurance, Electricity and Rent wipes me clean. I don't even have enough to buy food or gas most of the time. I've been really good about not using credit cards and have not bought anything clothing/entertainment related in many months. The loan company wants about 600+ a month and I just can't come up with it. What should I do?
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When you say private loan, is this a government loan, like Sallie May?Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation. -
AES
Wells FargoComment
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So, it's not a government loan, right? Would it be a personal (signature) loan?Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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Yes I signedComment
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I assume it is considered a personal (signature) loan then? Did you have a co-signer for this loan?Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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For 3 of them yesComment
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Alright then. You can still discharge your personal liability for all of the loans, however the 3 loans you have co-signers on, the co-signers will be held responsible for these debts.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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Wow really? Even though they are School loans?Comment
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Yes, because signature loans are unsecured loans.Last edited by BassBoy; 08-07-2008, 09:18 AM.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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great thread, thanks to BassBoy for the info!
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YES THANK YOU!Originally posted by soleprop View Postgreat thread, thanks to BassBoy for the info!Comment
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I highly doubt this debt will be discharged. This is a private educational loan and under bk reform, they have the same standing in bk as gov't guaranteed student loans.
(B) any other educational loan that is a qualified education loan, as defined in section 221(d)(1) of the Internal Revenue Code of 1986, incurred by a debtor who is an individual
This is a situation where the only relief will be more income. You're only 21 and just starting your career. You need a pt job on weekends at a minimum. Is it possible to get a roommate to split expenses or move back home for awhile?
Bk just won't help here.Comment
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Crud, I had not realized that. Thanks for the correction keepmine.
The AES, which is American Education Services, would fall under the this law. Only way to discharge this then is if it would impose an undue hardship on the debtor and the debtor's dependents, if I understand the law correctly?Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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My attorney said a tuition payment on a credit card wouldn't be discharged if the creditor was smart enough to find it and then challenge it.It's not what we have in our lives, but who we have in our lives and the quality of those relationships.Comment
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