Genisis Financial Sent Us to CNI for Debt Settlement. I’m Worried About Student Loans. – Gregory

“Dear Steve,

25 years at Boeing, owned house but sold it two years ago. Broke even but was left with 30, 000 in debts. Went on strike with Boeing that year and enrolled with Genisis Financial. The payments were more than we could handle and they recommended that we do debt settlement with CNI. Have been with them for 1 year and they have paid 1 bill. My wife is trying to finish graduate school and is using student loans to do it and will use the federal program to teach in impoverished areas and get loans forgiven . She has about a year and a half.

I am afraid of being in this too deep to bail and if I declared bankruptcy would that affect my wifes students loans? Do you have any suggestions?

Thanks,

Gregg”

Dear Gregg,

If she is going after government backed student loans bankruptcy is not a problem. If you are going bankrupt alone then I can’t see what impact that would have on her ability to obtain a government backed student loan.

It’s quite possible that your current debt to loan ratio and defaulted debts on the debt settlement program are more harmful than bankruptcy.

Please update me on your progress by Damon Day - Pro Debt Coach

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