I owe $25,000 in credit card debt and over $120,000 in student loan debt. Half are federal loans and half are private loans. I am a single mother of two little ones and the reason for my debt was mostly due to my failed marriage and going to an expensive school. I am getting ready to file for bankruptcy as I cannot afford to pay everything anymore.
I know that the student loan debt will not be discharged in bankruptcy, but with the proposed law in the Senate called “The Fairness for Struggling Students Act of 2013″ I am worried that I will file for bankruptcy and then a new law will be passed that will allow some bankruptcy help with private student loans. If this happens will I be able to do anything about it or since I filed then it’s too late? My lawyer doesn’t think the law will change, but I just want to know in case it does. Thank you so much!!!
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Will The Fairness for Struggling Students Act Allow Me to Discharge My Private Student Loans in Bankruptcy? - Lexi by Steve Rhode