What happens to the bankruptcy law for private student loans, not guaranteed by the government?

Attorney answers (1)

1. 

   Theodore AraujoPro

   Syracuse Chapter 7 Bankruptcy Attorney

   Contributor Level 20

   

   EmailVisit website

   Answered January 07, 2010 15:18. Private or federal, generally student loans are not dischargeable unless you can show very specific circumstances that would justify the discharge. You must contact a competent Bankruptcy Attorney to do the analysis.
   
   The law changed in October 2005 to give even more protection to student loans and to broaden the definition of the loans protected.
   
   Check out some of the guides on student loans and this will assist you.
   
   Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship. The opinions expressed herein are those of the author only and the fact that he has worked as an Assistant District Attorney; State Supreme Court Clerk; Special Assistant United States Attorney (Hawaii); Assistant Cornell University Counsel or Judge Advocate, United States Marine Corps should not be relied upon to assume that these statements reflect the policy of these organizations.

   • Mark as helpful
   • Flag