View Full Version : Bankruptcy on a private loan
krown
Apr 2, 2007, 06:07 AM
Hello, can I file for bankruptcy on a private student loan?
Thank you.
ScottGem
Apr 2, 2007, 06:08 AM
No, you cannot file bankruptcy on a specific debt. You either file on all indebtedness or none. Generally Student loans are not dischargeable, so it depends on what you mean by a "private loan".
Fr_Chuck
Apr 2, 2007, 06:24 AM
As Scott already mentioned, when you go "bankrupt" you have to include all your debts, all the credit cards, all the loans, not just name one loan.
As a general rule student loans can not be discharged in a chapter 7 bankruptcy. But if this was a loan that was a personal loan, or from a person that you used for education, it may be.
Your best option is to go to a bankruptcy attorney and talk to them, normally the first visit is free ( but always check)
Dabidosan
May 13, 2007, 11:29 PM
Ok. You can file bankruptcy on a "non federal" student loan- which is what you have.
Miranda
May 14, 2007, 10:33 AM
Dabidosan,
I am curious where you are getting this information? And if this is true, where do I go to get it discharged? My lawyer and several other lawyers I have spoken with told me that the new bankruptcy laws that went into effect last October made it so that you cannot file bankruptcy on private student loans anymore.