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Private Student Loans in Bankruptcy

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  • 12-05-2006, 06:23 PM
    cubba
    Private Student Loans in Bankruptcy
    Is there any chance that a bankruptcy judge would favor the following case?

    http://www.expertlaw.com/forums/showthread.php?t=17576

    I am nearing the end of options for me and don't really know where to turn. I can't find an attorney that will even offer consultation because it involves student loans.

    I appreciate any feedback.
  • 12-07-2006, 04:28 PM
    Mr. Knowitall
    Re: Private Loans (Ohio)
    The current standard for hardship generally interpreted as requiring a finding by the bankruptcy court that the debtor cannot maintain a minimally adequate standard of living andrepay the student loan. That's a very hard standard to meet, and you would have the burden of proving hardship through an adversary hearing.

    In some jurisdictions a bankruptcy judge may find that you can repay a portion of the loan without hardship, discharging the balance. A local bankruptcy lawyer - and I suggest that you consult a bankruptcy lawyer - can advise you as to local practice.
  • 12-07-2006, 04:49 PM
    cubba
    Re: Private Loans (Ohio)
    Thanks Knowitall.

    I appreciate your feedback on both posts.

    I have no problem paying back my loans however, having to pay 55% of my gross monthly income towards the loan for the next 30 years is not realistic.

    I really don't know what avenue to pursue. When I spoke to a bankruptcy lawyer in Feb. he completely shut me out because the debts dealt with student loans. I don't know much about chap 13 however, it seems obvious that my only viable option is:
    1. die
    2. set up a repayment plan via chap 13.

    What are your thoughts?

    Thanks again for any feedback.
  • 12-07-2006, 06:58 PM
    Mr. Knowitall
    Re: Private Loans (Ohio)
    Hm... Between those two options, I would go work with a bankruptcy lawyer - perhaps one more familiar with the complex issues involved with the discharge of student loans.
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