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  1. #1
    Join Date
    Dec 2008
    Location
    Calif
    Posts
    289

    Default Can You Pay Off a Student Loan with a Credit Card and Later File Bankruptcy

    My question involves bankruptcy in the state of: CA I don't have any student loans, but I saw a question on the issue. If you have a student loan, which cannot be erased in bankruptcy, and you pay it off with a credit card.....make payments for 6 months to a year...and then file for bankruptcy.....could you do that and what would be any problems associated with it?

  2. #2

    Default Re: Can You Pay Off a Student Loan with a Credit Card and Later File Bankruptcy

    The credit card company can challenge in court that this action was pre-planned (aka fraudulent) - at which point the bankruptcy may be be denied by the court, AND criminal charges possible. Judges, courts, credit card companies aren't stupid - this is exactly the type of thing they LOOK for in bankruptcies.

  3. #3
    Join Date
    Dec 2008
    Location
    Calif
    Posts
    289

    Default Re: Can You Pay Off a Student Loan with a Credit Card and Later File Bankruptcy

    This is why I don't understand people taking out student loans. Why don't they just use a credit card to begin with or get a personal loan? I would never take out a student loan.

  4. #4
    Join Date
    Jul 2010
    Posts
    8,006

    Default Re: Can You Pay Off a Student Loan with a Credit Card and Later File Bankruptcy

    Because you don't have to pay a student loan back immediately like you do a CC. You could spread the CC payments out, but it would be unwise with the ridiculous interest rates. Plus interest rates on SL are normally much smaller than CC.

  5. #5
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Can You Pay Off a Student Loan with a Credit Card and Later File Bankruptcy

    It's a bit unusual for somebody with large student loan debts who also qualifies for bankruptcy to have enough capacity on a credit card to pay off her student loans. If you don't qualify for Chapter 7, you still end up paying pack part (and sometimes all) of your debts over the course of your repayment plan. If this is a serious question, not just "pie in the sky", flesh it out a bit.

  6. #6
    Join Date
    Sep 2012
    Posts
    1,991

    Default Re: Can You Pay Off a Student Loan with a Credit Card and Later File Bankruptcy

    student loans are available to students with little or no credit history, no way in hell a broke student with no repayment history is going to qualify for 40k in personal loans, not without a lot of forged documents anyways

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