How will bankruptcy affect my child going to college in two years? 15 Answers as of July 11, 2013

I am thinking about filing bankruptcy but, I don't know what impact that will have on my daughter going to college. Will it hurt her if I file bankruptcy? I really need to know before I go forward with bankruptcy.

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Are you considering student loans? The bankruptcy might be a factor in that. Call the lenders now, find out what they require. The bankruptcy might even help you.
Answer Applies to: California
Replied: 7/6/2011
Theodore N. Stapleton, PC
Theodore N. Stapleton, PC | Theodore N. Stapleton
Probably will not affect child going to college.
Answer Applies to: Georgia
Replied: 7/4/2013
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
If you cosign a student loan for her, they will look at your credit. A Bankruptcy filing will have a negative impact on your credit report and weigh in on whether they will loan you and her the money.
Answer Applies to: Washington
Replied: 7/1/2011
California's Largest Family of Attorneys
California's Largest Family of Attorneys | Doan Law Firm
No. Bankruptcy is an individual matter.
Answer Applies to: California
Replied: 7/1/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
Your credit may affect your child's ability to qualify for some student loans. However, if you are over your head in debt your credit is already poor and filing now will give you an opportunity to rebuild your credit in the interim.
Answer Applies to: New Hampshire
Replied: 7/1/2011
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
    Will make it tougher to get loan under your name.
    Answer Applies to: California
    Replied: 7/1/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    If you're wondering about your ability to get loans to pay for her, the fact of your bankruptcy shouldn't hurt the ability to get government loans. Or any loans, for that matter, a couple of years after filing.
    Answer Applies to: Virginia
    Replied: 7/1/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Only if you have to sign for student loans.
    Answer Applies to: California
    Replied: 7/1/2011
    Rosenberg & Press
    Rosenberg & Press | Max L. Rosenberg
    While this is a very thoughtful question which shows great consideration, I am not sure I understand it completely. It should not affect her finances at all. However if you intend to cosign for student loans, it may make obtaining funds more difficult. She would be better served with a cosigner with intact credit. Thanks for tuning in!
    Answer Applies to: Connecticut
    Replied: 7/1/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    If you are asking if filing for bankruptcy will affect the chances of getting a student loan for your child then the answer is that you may not be denied a student loan for your child because you filed for bankruptcy.
    Answer Applies to: California
    Replied: 7/1/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    Pursuant to Section 525 of the bankruptcy code it is illegal to discriminate for obtaining students loans on account of bankruptcy.
    Answer Applies to: California
    Replied: 7/1/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    This is something that you need to review in depth with your lawyer. Do not (I repeat do not) file pro se. If you do a Chapter 13 you will not be able to borrow for the child at all for a period of time (usually 5 years). A Chapter 7 will usually have far less effect but could affect you getting parent loans.
    Answer Applies to: Georgia
    Replied: 7/1/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Why would it hurt her?
    Answer Applies to: California
    Replied: 7/11/2013
    Saedi Law Group
    Saedi Law Group | Lorena Saedi
    This is a very common question we receive from clients. If you are turned down for the PLUS loan (a common one for parents, who apply through their child's college), then your child will be eligible for an additional unsubsidized loan in his/her own name. As a junior or senior, your child should be eligible for a total of $7500 in Federal loans. If they are denied a PLUS loan, then they become eligible for an additional $5000 in "unsubsidized loans," bringing their eligibility for all Federal loans-for which they will not need a co-signer-to $12,500.
    Answer Applies to: Georgia
    Replied: 7/1/2011
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