Comments on: Can student loans be written off in a bankruptcy?

By: john d

john d — Fri, 30 Oct 2009 09:42:49 +0000

Bankruptcy can be a huge headache. I filed a few years ago and it was really a mess..

One site I found extremely useful while I was filing bankruptcy is this one here:

Explains the whole process. A real life saver.

By: Edward B

Edward B — Thu, 29 Oct 2009 22:24:57 +0000

No, but the bankruptcy court can work with the US Department of Education, to make the payments more workable with your budget.

By: ilsedog@prodigy.net

ilsedog@prodigy.net — Mon, 26 Oct 2009 21:02:19 +0000

Federal student loans cannot be discharged in bankruptcy. Staffords etc. There is a special rule governing them. You may be able to work out a plan with the lender if you call them. Have you gone through credit counseling? They may be able to negotiate a deal you can live with and it will reflect better on your credit report. Bankruptcy should be a last resort.
Private loans may be different though!

By: UnknownX

UnknownX — Sun, 25 Oct 2009 06:03:32 +0000

Yup, but you won’t be able to buy a car, a house, or use credit cards for over 7 years.

I definitely wouldn’t recommend it.