Kenzi
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If you are still a student, then you wouldn't be paying them yet anyway. Plus, the bank will be willing to work with you on the payment. You can pay these out over a much longer period than most loans.
Don't try to take the easy way out in life. It will really mess up your credit and you won't be able to buy a car or get credit cards unless you are paying an extremely high interest rate. Then you will just be throwing money down the toilet. |
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Dr.PhilwithBoobsDueInJune
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Student loans are exempt from bankruptcy so going bankrupt will not help. You are going to have to figure out a way to pay them. |
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Jo
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Try and pay off your students loans. It's not like you can return what you learned at school.
Bankruptcy shouldn't be looked at as the easy way out. It really isn't. Get a cheaper apartment, live poor till you get it together. Move in with your parents..... There are so many things you can do to get your loans paid off.
You are still young, you should be able to do this. |
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Justin T
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As someone who has gone bankrupt, the loss of self esteem is immense. |
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Rev Ziggy
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Depends on what type of bankruptcy you claim. Most likely you will have to make payments but much smaller ones and your loans go to one payment. This will effect your credit score big time, you may want to consider speaking to a financial advisor first.
http://www.debtreliefoptions.org |
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debbienws
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Unless you can show that your education loan payment is an "undue hardship" on you, your family, and your dependents, your student loans are ineligible for cancellation (discharge) in bankruptcy.
It is also difficult to prove "undue hardship" unless you are physically unable to work, so your pretty much stuck with them untill they are paid in full, which you shouldn't have to start paying on them until your finished with school. |
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desjr1967
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you declare you have no money or assets |
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Budlightgurl
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You can't get student loans discharged. They are yours forever! |
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Andrew M
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In the UK, the Civil Court will apppoint a Trustee who will take most of your money off you to pay back the debt which will take 2 to 3 years to complete. |
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devonian2001
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If you were to go bankrupt assuming that you could you would be stuffed and would have to pay some of your debts back if you wanted to get discharged later. You would not be able to get credit or hold a bank account |
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CS Dad
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You start to live on a steady diet of macaroni and cheese, and Ramen noodles.
=) |
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Bobo
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Removing student loans is quite unlikely, why not use that education to pay it back? Usually the loans are at reasonable rates and over a long period of time. So in your case, you would trash your credit score and leave a nasty mark and still have the loan. You should also realize that a bad credit score can keep you from a job. Many employers check your credit history and will deny employment to people with credit problems. My company sure did, and my land lord, and when I got a car loan, etc. |
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