bankruptcy student loans
can private student loans be wiped out in bankruptcy court?
I have so many student loans some of them private and my monthly payment is half my monthly income. I have applied for deferment and should be eligible for it based on the 20% rule but the private loans want me to pay for deferment. I a going to be declaring bankruptcy later on this year and wanted to ask if private student loans can be discharged in bankruptcy as they wont reduce the interest rate nor work with me to accept a lower monthly payment.
I presume you are in the US right? I’m in the UK and when i filed for bankruptcy, student debt (what i mean if student loans that are government backed – ie, not just a loan from a bank that was for students) cannot be wiped. This will have to be paid back. You can, however, negotiate new terms at court if these payments are causing unnecessary hardship.
Hope that helps
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