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I’d Like to Get Rid of My Student Loan Payments With Bankruptcy. – Nancy

By on January 28, 2009
I’d Like to Get Rid of My Student Loan Payments With Bankruptcy. – Nancy

“Dear Steve,

I will never be able to pay my sallie mae student loan because of hardship. I am a single mother of two living check to check. I want to see how I can have my student loan discharged? Can I file bankruptcy myself?

Nancy”

Dear Nancy,

It is very difficult to get student loans discharged with bankruptcy. Generally consumers file either a Chapter 7 or Chapter 13 bankruptcy but discharging student loans in bankruptcy due to hardship requires a Chapter 11 bankruptcy. Not for the faint of heart or inexperienced.

So the answer is that it might be possible to eliminate your student loans with a special bankruptcy but it will require special and experienced assistance if you’ve got a shot at it.

Please read this previous question about discharging your student loans with bankruptcy – “I Can’t Pay Sallie Mae – Carlos.”

If you don’t have a local bankruptcy attorney to go to and discuss this with, click here for a free bankruptcy consultation.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

3 Comments

  1. mrhenry44

    September 12, 2010 at 6:56 pm

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    a loan to pay off your debt?
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  2. angelrocks

    February 2, 2010 at 8:58 pm

    That’s not true. If you open a Delaware LLC and appoint a few close friends or relatives to work with you, from my understanding you can have a checking account. If that’s too difficult, or risky, you can also get a pre-paid debit card, which is like a checking account. You get a routing number to pay your bills online. I hope that helps.

    You should look into getting an LLC established and structured properly as I am certain there are people who do this to protect their assets. With knowledge comes power!

  3. Chief

    February 2, 2010 at 7:14 pm

    Ha! The sharks have jacked my student loans from $104,000 to $1.75 million +. Go figure that out!

    At 64, leaving the US or staying and having them garnish 25% of my Social Security are my choices. I can never own anything, not even a checking account..they will snatch it.

    This is what I went to school for? I am barred from my profession because I am behind on the loans.

    What a country! Freedom and liberty for all!

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