If I claim bankruptcy will my school loans be included?

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If I claim bankruptcy will my school loans be included?

I have about 12k credit card debt they i have not paid in about 5 months and aprx 35k school loans. I was out of work and unable to pay my bills so the intreast killed me(cards started at 8k), I understand that my federal loans will not be included but will my privite ones through sallie may and citibank aprx 27k, If i cant include my school loans and only have 12k do you think it would be benifical to still claim bankruptcy....I guess how bad is bankruptcy

Judy

Why don't parents pay for the kids college?
/

SlimMick

No student loans can be discharged with Chapter 7...

However, they can be included as part of a Chapter 13 filing..the type of BK where you pay back most debts under a court-supervised repayment plan...this would put a freeze on Sallie Mae's notorious add-on fees.

Personally, I would not file a major Chapter 7 over $12K in debt (unless it's an absolute emergency for you)....The cost alone to file would be around $1,500....You could be able to settle this debt at 50% ($6K) if you've defaulted and you could apply this $1,500 to this amount.

Cold Shot

Student loans stick with you no matter what. They cannot be included in bankruptcy.

krennao

The government uses banks for student loans, like Sallie May its is still federal and you will have to pay it back. That is the reason why you got the loan for school. If you don't it goes in to default, the government picks it's up and will take your income via tax returns etc. When you start paying it back, it goes back to a lender.

Get the picture?

Dwight D J

Bankruptcy isn't the end of the world (I know from experience), but remember that student loans are a large part of your debt. It's a tough call either way.

NO! my brother in law tried to do this and his school loans were NOT included.

maxmom56

Student loans are generally not dischargable in a bankruptcy. As to how bad a bankruptcy is, your credit is shot right now and the negative information will stay on your credit report for 7 years. A bankruptcy stays on for 10. That's about it.

MasterSheff

If you could claim bankruptcy and all your debt will go away then the US would not be in so much debt. Even if you file bankrupcy you will still have to pay that amount eventually.

kerry f

Yes go ahead and do it if you can't claim it all at least you can restructure your debt.. any way once you file you credit will immediately start getting better

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