Personal Bankruptcy student loans

[missbernie]

anyone have any advice on bankruptcy and if it covers student loans?

i'm in a bind. i have no car insurance, i totalled my car and i still owe $7000. my ex is moving out and i can't afford to pay the rent alone and i have $37,000 in student loans i will have to pay back in a few months. i'm looking into bankruptcy as an option.

 

[Michael Wechsler]

anyone have any advice on bankruptcy and if it covers student loans?

i'm in a bind. i have no car insurance, i totalled my car and i still owe $7000. my ex is moving out and i can't afford to pay the rent alone and i have $37,000 in student loans i will have to pay back in a few months. i'm looking into bankruptcy as an option.

In general, my understanding is that bankruptcy will not cover student loans except under rare circumstances of showing a substantial hardship. This is very difficult to do. With a $7,000 bill, bankruptcy may not be where you want to be at the moment. You may want to see if you can negotiate down the $7,000 and mention that you may have no choice but to declare bankruptcy. If you are able to do this successfully, make sure you obtain a release from the debt in writing. Good luck to you and hope things turn out better for you.