i owe $150,00 in student loans! is bankcruptcy possible?

[idgit152]

What is the name of your state? NY
i am aware that as part of the new bankcruptcy rules......that MOST student loans wont be considered when filing. or that is what i read anyway. and that those that would cause an "undue hardship" could possibly be considered. can anyone give me more info on that? as i stated, i owe aprox. $150,000 in mostly PRIVATE student loans (just a few federal ones). about 75% of which i have already defaulted on and the rest will soon follow. i personally would condsider that "undue harship" but am obviously not a lawyer. aslo.....i would like to add that i have not graduated yet and would need 1 1/2 yrs of schooling still to get my degree. I WILL NEVER BE ABLE TO PAY THIS DEBT W/O A DEGREE. there is NO job i can get w/o a degree to afford that type of money. citibank wanted me to pay them $900 a month and WOULD NOT CONSOLIDATE MY LOANS! that is why i finally let them default. i couldnot afford $900/month. and as a result of my defaults, cannot go back to school. so PLEASE, if anyone out there has any helpful information for me......post a response! thankyou!!!What is the name of your state?What is the name of your state? NY

[rmet4nzkx]

Originally Posted by idgit152

What is the name of your state? NY
i am aware that as part of the new bankcruptcy rules......that MOST student loans wont be considered when filing. or that is what i read anyway. and that those that would cause an "undue hardship" could possibly be considered. can anyone give me more info on that? as i stated, i owe aprox. $150,000 in mostly PRIVATE student loans (just a few federal ones). about 75% of which i have already defaulted on and the rest will soon follow. i personally would condsider that "undue harship" but am obviously not a lawyer. aslo.....i would like to add that i have not graduated yet and would need 1 1/2 yrs of schooling still to get my degree. I WILL NEVER BE ABLE TO PAY THIS DEBT W/O A DEGREE. there is NO job i can get w/o a degree to afford that type of money. citibank wanted me to pay them $900 a month and WOULD NOT CONSOLIDATE MY LOANS! that is why i finally let them default. i couldnot afford $900/month. and as a result of my defaults, cannot go back to school. so PLEASE, if anyone out there has any helpful information for me......post a response! thankyou!!!What is the name of your state?What is the name of your state? NY

How long have you been pursuing your college degree and in what major?

[Ohiogal]

How did you accumulate that much in student loans WITHOUT getting a degree? I don't have that much and have a JD. There are a lot of questions that will need answered before anyone here can tell you whether you would qualify for a hardship.

[Skylyn]

Originally Posted by rmet4nzkx

How long have you been pursuing your college degree and in what major?

Why does that matter? Oh yeah, it doesn't. OP: Unless you are currently in a wheelchair, forget it. You will not be able to dischage any student loans in a BK (whether Gov. loans or Private).

[Who's Liable?]

Originally Posted by idgit152

i am aware that as part of the new bankcruptcy rules......that MOST student loans wont be considered when filing. or that is what i read anyway.

Somewhat Correct... Any Federally backed student loans are NOT dischargeable. They can even garnish Social Security now to pay back student loans... This has been the way it was before the new BK laws, but only since the mid 90's...

Originally Posted by idgit152

and that those that would cause an "undue hardship" could possibly be considered. can anyone give me more info on that?

It is VERY difficult, and next to impossible to get student loans discharged due to "undue hardship".. In order to do this, you as a person must be able to demonstrate that you can NEVER repay ANY amount owed becuase of illness, injury etc in your lifetime... You obviosly can repay because you can hold a job... Therefore you are excluded...

Originally Posted by idgit152

as i stated, i owe aprox. $150,000 in mostly PRIVATE student loans (just a few federal ones). about 75% of which i have already defaulted on and the rest will soon follow.

That sux, but now you get to repay everyone who helped chip in on the dream you had of getting a degree...

Originally Posted by idgit152

i personally would condsider that "undue harship" but am obviously not a lawyer.

See my first reply... You owing out your arse is not an "undue hardship"

Originally Posted by idgit152

aslo.....i would like to add that i have not graduated yet and would need 1 1/2 yrs of schooling still to get my degree..

Just out of morbid curiosity, why don't you have a degree?

Originally Posted by idgit152

I WILL NEVER BE ABLE TO PAY THIS DEBT W/O A DEGREE. there is NO job i can get w/o a degree to afford that type of money.

You may never be able to pay the FULL amount owed, but you centainly pay back a portion of it... This will stay around with you for the rest of your life... If you default on federal student loans, you can kiss goodbye any future SL monies from them...

Originally Posted by idgit152

citibank wanted me to pay them $900 a month and WOULD NOT CONSOLIDATE MY LOANS! that is why i finally let them default. i couldnot afford $900/month. and as a result of my defaults, cannot go back to school..

Which is Citibank's legal right to do... It is not their fault that you got yourself into this. They did not pressure you into taking the money...

While this whole situation sux, unfortunately you may not be able to get rid of all this. You will need to consult with several BK lawyers in your field... Be prepared for the worst though...

[legal citizen]

[url]http://forum.freeadvice.com/showthread.php?t=286968[/url]

[url]http://forum.freeadvice.com/showthread.php?t=312856[/url]

Read these, they have lengthy explanations regarding the fact that BANKRUPTCY WILL NOT DISCHARGE STUDENT LOANS.

contact your student loan provider and/or fafsa, figure out what you owe, consolidate if you can (it will lower your monthly payments in most cases, and also your interest rate in many cases too), and start paying.

You incurred these debts and they will never go away until paid. Why are they different from other loans that bankruptcy can "make disappear"? Because by obtaining student loans, you essentially took out money from the government and the government will not allow these loans to be forgiven. Ok, in the instance of death of the borrower, they will be. That is your only other option, and it doesn't seem to be a real option.

Man up and pay back your educational loans, however long it takes..

[legal citizen]

As to what you mean by "private student loans," ...I have no idea. If you took out personal loans to pay for education, those may be addressed and possibly forgiven in a bankruptcy, but the federal loans will not.

Federal loans = federal government = no way out of them.

Also as you stated...

"about 75% of which i have already defaulted on and the rest will soon follow. i personally would condsider that "undue harship" "

...defaulting on loans is in no way "undue hardship," it is disregard, neglect, negligence all on your part. What hardship did you have? Not wanting to repay funds you obtained for your own education is lazy, selfish and will end up ruining your credit and any chances you have to go back to school unless you find other funding, but it isn't undue hardship. Undue hardship, please.

[Ladynred]

Actually, under the new law even private student loans are not going to be discharged. If the loan was 'primarily for educational benefit', they're not going to be discharged.

[Who's Liable?]

Originally Posted by Ladynred

Actually, under the new law even private student loans are not going to be discharged. If the loan was 'primarily for educational benefit', they're not going to be discharged.

Man, these new BK laws are getting better and better...

Do you happen to know what section/caption/heading this falls under?

Op is Screwed with a capital "S"

[legal citizen]

Originally Posted by Who's Liable?

Man, these new BK laws are getting better and better...

Do you happen to know what section/caption/heading this falls under?

Op is Screwed with a capital "S"

OP should have considered the end result before taking out $150,000 in student loans.

Sorry, but it pisses me off that people think they should get money for school to better themselves, their education, their future prospects... but that they shouldn't have to pay it back?!?!?

If you don't want to pay for your education, look for grants, or a sugar daddy/momma to pay for it. IF you take out student loans, you HAVE TO PAY THEM BACK. Don't think its fair, then don't take out the loans, easy, right?

[idgit152]

ok**************..i didnt expect to have so many negative and CRITICAL responses to my posting. all i expected and ASKED for was any real information and or advice. i thank those who did post real info/advice......but to the rest, how much time do u have on your hands that you are going around and "telling people off" about their personal situations?? if you're not here to offer help.....i dont need to hear your crap. i know my situation is not pleasant and does not portray me to be resposible or capable. but hey......u know what, I'M A PERSON and people make mistakes! which i know i've made a few and don't deny that......but also i've had plenty of unfortunate things happen to me along the way as well. but, that's life. i didn't feel the need to write a novel explaining my life and the situations that led me this point**************.i simply wanted to get some free advice. NOT A LECTURE!! trust me......i lecture myself EVERYDAY as to how i got to this point. that being said**************thanks again to those who posted information or legal advice. and if anyone has more ADVICE OR INFO, i appreciate u taking time to post it.

[rmet4nzkx]

Originally Posted by idgit152

ok**************..i didnt expect to have so many negative and CRITICAL responses to my posting. all i expected and ASKED for was any real information and or advice. i thank those who did post real info/advice......but to the rest, how much time do u have on your hands that you are going around and "telling people off" about their personal situations?? if you're not here to offer help.....i dont need to hear your crap. i know my situation is not pleasant and does not portray me to be resposible or capable. but hey......u know what, I'M A PERSON and people make mistakes! which i know i've made a few and don't deny that......but also i've had plenty of unfortunate things happen to me along the way as well. but, that's life. i didn't feel the need to write a novel explaining my life and the situations that led me this point**************.i simply wanted to get some free advice. NOT A LECTURE!! trust me......i lecture myself EVERYDAY as to how i got to this point. that being said**************thanks again to those who posted information or legal advice. and if anyone has more ADVICE OR INFO, i appreciate u taking time to post it.

You take the time to come back here and complain but you can't answer a simple question?
How long have you been pursuing your college degree and in what major?
There was a reason for thiese questions, but I guess you don't really want help.

[smorr]

Saw this decision in a lawyer's weekly newspaper in Masschusetts. I don't think you stand a chance here, kid. Remember that Bankruptcy is virtually the same in all states, as it's a Federal matter - not state to state (except, of course for certain parts - such as exemption amounts of certain items).

Bankruptcy - Student Loans - Bipolar Disorder.
(are you ready??) The request of a debtor suffering from bipolar disorder for a student loan hardship discharge was rightly denied based on lack of evidence that her disability was likely to continue for so long that she could not reasonably be expected to repay her loans says the 1st Circuit Court of Appeals. No error - "Under any test assessing eligibility for discharge of student loan debt, appellant must show that her current inability to maintain a minimal standard of living if forced to repay the debt will continue into the future. ..." And I found it rather funny that someone mentioned "unless you're in a wheelchair".. because in this article it also mentions a wheelchair wouldn't even count as "...such a physical disability does not in any way correlate to the ability to maintain demanding and responsible employment..."

No one on this forum is trying to play hard ball with you. You posted a message that doesn't ring clear in many of the respondents' reactions because, like the courts, we see a few holes in your request for help. Sorry, but those are the facts. There's nothing funny about bankruptcy. I know, I went through it and it was the most demeaning feeling of defeat I ever felt, especially where my situation was one beyond my control. This, my friend, is not beyond yours.

[weenor]

Originally Posted by rmet4nzkx

You take the time to come back here and complain but you can't answer a simple question?
How long have you been pursuing your college degree and in what major?
There was a reason for thiese questions, but I guess you don't really want help.

OP-FYI- there are certain fields that you can go into where you can arrange "forgiveness" of the loans, but since you won't answer RMET's questions, I guess we'll never know.

[legal citizen]

Originally Posted by idgit152

all i expected and ASKED for was any real information and or advice. how much time do u have on your hands that you are going around and "telling people off" about their personal situations?? if you're not here to offer help.....i dont need to hear your crap.

And you got real information and advice. You just didn't like the answers you got. No one told you off, myself included. You took out the loans, you need to repay them. Simple enough? How does anyone telling you that make you feel crapped on?

Did you even bother to read and look at the links I included before? They provided a detailed explanation of the student loan process, including deferrment and forbearance information that would have helped you. Guess you were too busy or didn't want to bother. Easy to see why you didn't continue and finish school,nice follow through. Good for you.

Originally Posted by idgit152

i simply wanted to get some free advice. NOT A LECTURE!! trust me......i lecture myself EVERYDAY as to how i got to this point.

There was no lecture, facts and advice were given to you. But, maybe when you lecture yourself everyday, you can include reminding yourself that you need to pay beck the debts you incurred.

Got your little feelings hurt? You deserve some stern words IMO. Unless you are Doogie Howser, you are an adult, act like one. Take the information and advice, even though you don't want to hear it. If the facts are hurtful, you are way too sensitive.

So you didn't finish your education after taking out all this money for it? Guess what, you still have to pay the loans back. There is no crybaby clause that says if you don't get your degree you are off scott free.

Again I ask -- What undue hardship did you have?

And, no, not wanting to pay back loans or having them default because you don't bother to get them deferred or forborne, OR BETTER YET PAY THEM, is not "undue hardship."