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!!!
There is no indication the law will become a reality. Similar laws have been suggested each year for the past few years and they’ve all gone nowhere.
The odds are significantly unlikely it will become a reality anytime soon.
On the federal loans, don’t forget to look at your consolidation and payment reduction options available. See the links below.
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