Should I file for bankruptcy?

Posted on Wednesday, May 14, 2008

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Hello. I have a student loan question. My student loan is from 1995 (I actually ended my studies in April of that year).

Since then I have had an arrangement with student loans to pay only $20 per month (it is all I could afford) and as a result I pay less than the interst they charge. I would like to pay mor on this but because of other debts I have I simply cannot afford to. My qeustion is should I file for bankruptcy? If I file for bankruptcy will my student loan be cleared? I have 4 kids and a wife to support on way less than $18000 this year. I also have a tax bill of $4000, credit cards of $10000.

Thanks for the help!

Filed under: Student Loans and Bankruptcy
 posted by Questions @ 8:32 am
1 Expert Comment:

 At May 16, 2008 | 7:16 am , Barton Goth GCO Bankruptcy Trustees Said...

From the information provided I cannot suggest whether or not a bankruptcy is right for you. To get a better idea of whether or not it will be a good fit for your situation you would have to sit down with a local trustee and have them review things in greater detail.

Having said that, I wanted to address your student loans. Student loans can be released in a bankruptcy as long as 10 years has expired since the last day of attendance at school. IF your last date of attendance was in 2005 then if you did file bankruptcy your student loans would be cleared by the filing and completing of that bankruptcy.

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