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Can private student loans be included in bankruptcy?

asked by Tony66 (21)

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Tags:  debt  legal  possibilities

answers

A student loan that is guaranteed or subsidized by the federal government cannot be discharged through bankruptcy. Payment arrangements can be made that bring a defaulted student loan to a positive status and remove any negative credit reporting. This is an excellent way to rebuild credit after bankruptcy.

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posted by patti (17590)
8 votes

Private student loans may only be included in a bankruptcy if the debtor has an undue hardship. To be awarded a determination you must file a petition. Another way to lawfully include a private student loan in bankruptcy is to prove that the school was fraudulant or where the debtor didn't benefit from the education received by the institution.

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posted by KrissyA (25)
8 votes

Unfortunately, students loans are not included in a bankruptcy. You will have to still pay them back. You can however, work with the loan company to make a smaller payment or apply for a forbearance or a deferment on your loans. I do believe that any other loans you are able to get away with in bankruptcy.

6 votes

No. Student Loans, back rent, utility bills, court fines and fees and income taxes are among the list of few things that you are unable to include when you file bankruptcy.

4 votes

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