What to do if I want to claim bankruptcy but I have student loans?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if I want to claim bankruptcy but I have student loans?
have been on disability for about 14 years. although the last 4 years I have been trying to return to work.. I have either gotten let go or dismissed because of not showing up (severe depression); I have had 14 jobs in the last 4-6 years.can I declare bankruptcy/ w/ my student loans included. I don’t see how i’m to pay 500 in student loans monthly, when my SSI check is $850. I keep applying for deferment/forbearances but I don’t know what to do.
Asked on December 30, 2013 under Bankruptcy Law, Illinois
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 10 years ago | Contributor
It is difficult to discharge student loans in most jurisdictions although it can be done upon a showing of hardship. The burden varies throughout the nation. Upon filing, it is imperative for you to file what is known as an adversary complaint seeking the discharge of the student loan. If their are several with different lenders, each lender must be named and served, and possibly filed against in different complaint. You bear the burden of proving that repaynment would impose a significant hardship.
I would advise you to seek Experienced bankruptcy counsel to represent you. You didn't mention the amount at stake so the cost, benefit analysis must be left to you. Good Luck
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.