Disabled and trying to save my family
Hello all:
I'm here to try to get advice on how to best proceed with a problem. I am on disability and have been told I shan't get better.
My main concern is keeping my family safe. We have few assets, about $70,000 in student loans ($50k in my name only), and live in New York. I am trying to figure out how to best proceed in keeping my family safe from financial ruin.
Is bankruptcy the best way to go? Will that protect my husband from having to pay my outstanding debt? Does anyone know of any other measures I should be considering?
Thanks and best,
bloshkita
Re: Disabled and trying to save my family
Student loans cannot be discharged in bankruptcy.
I guess if you want your assets protected, you will have to give them all away.
Re: Disabled and trying to save my family
It is harder than ever to discharge student loans in bankruptcy, but it is still possible to discharge loans (usually a portion of the loan balance) on the basis of extreme hardship. Consult a bankruptcy lawyer who is experienced with student loan discharges.