Is it possible for me to file bankruptcy if I currently owe over $150,000 in private loan debt? 6 Answers as of August 02, 2017

My federal loans are on forgiveness status. I also have loans at variable interest, and can't seem to consolidate them, because my school lost its accreditation and closed after I graduated. I'm paying nearly all my income other than a car payment of $250 a month to my loans and had to move in with my parents. The variable interest loans have since risen in interest making it even harder to pay, and out of nearly $500 a month (for just two of the five loans I have), only approximately $50 is going to the actual principal. I own nothing other than my car to get to work and a computer. I want to use to do a graphic design startup but no time due to the two jobs to pay anything I can on my loans.

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to speak to local counsel who is familiar with the local judges. Getting student loans discharged is difficult - it helps to know how the judge feels about it.
Answer Applies to: California
Replied: 8/2/2017
Stephens Gourley & Bywater | David A. Stephens
You can file bankruptcy, but some of your student loans may not be dischargable.
Answer Applies to: Nevada
Replied: 8/2/2017
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
The $150,000 debt is no obstacle to filing bankruptcy. This may make it easier for you to pay your student loans, which are not dischargeable in bankruptcy (unless you are virtually disabled). The student loan people at the department of education in GC have a number of programs that could make payment easier for you. I think when you wrote the word forgiveness in your question, you meant forbearance, which is a different thing. I suggest that you call the department of education in DC and asked to speak to the Office of the ombudsman.
Answer Applies to: Wisconsin
Replied: 8/2/2017
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
Please contact a knowledgeable student loan lawyer for an evaluation of your situation. There is no "forgiveness status" but you might mean forbearance. Forbearance is usually not the best option as interest continues and is added to the principle at the end to the forbearance period. There are other options that might be better and work towards actual forgiveness. There might also be defenses to the private student loans so I would like you to understand your options before considering bankruptcy. Bankruptcy does not discharge student loans whether federal or private without filing a lawsuit called an adversary proceeding which may or may not help you.
Answer Applies to: California
Replied: 8/2/2017
Law Office of Stuart M. Nachbar, P.C.
Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
If you are sure that they are fully 100% private, you maybe able to get out of them with bankruptcy. You have to be sure that the loan is not made or insured or guaranteed by a governmental unit or made under any program funded in whole or in part by a governmental unit of nonprofit institution.
Answer Applies to: New Jersey
Replied: 8/2/2017
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    The student loan debt does not factor into your decision to bankruptcy. Unless you are seriously disabled, bankruptcy will not affect these loans. Sure would have helped to offer you some concrete advice had you said whether you have any other debt that might lead me to say whether or not bankruptcy is worthwhile.
    Answer Applies to: Nevada
    Replied: 8/1/2017
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