If I file for Bankruptsy will it pay of my school loans? What does bankrupsy pay off exatly and how does the process work? How do they know every bill you owe?
Sorry for the typos!
Asked by Anonymous at 6:57 PM on Nov. 10, 2008 in Money & Work
Answer by Serafyna at 7:08 PM on Nov. 10, 2008
Student loans are not dischargeable in bankruptcy unless you can show that your loan payment imposes an "undue hardship" on you, your family, and your dependents. Non-dischargeable debts are those debts that you cannot totally eliminate when you file for bankruptcy and will have to be paid by you.
It is almost impossible to show an undue hardship unless you are physically unable to work and the chances of your obtaining any type of gainful employment in the future are non-existent.
Pulled this from here http://bankruptcy.lawyers.com/Student-Loans-In-Bankruptcy.html
Answer by Serafyna at 7:02 PM on Nov. 10, 2008
Answer by Alma_C at 7:03 PM on Nov. 10, 2008
I just wanted the answer too. There's no point for us to declare bankruptcy unless it would get rid of our student loans. They're the biggest chunk of our debt.
Answer by Pnukey at 7:04 PM on Nov. 10, 2008
Answer by Serafyna at 7:10 PM on Nov. 10, 2008
Answer by pupmom at 7:45 PM on Nov. 10, 2008
Next question overall
Anybody else's husband/SO promised to do it all only to find out its much...