Will filing chapter 7 affect my ability to recieve student loans?

Asked over 1 year ago - Wappingers Falls, NY

I am currently a student and may file chapter 7. I have a year and a half left in school which I will need loans to complete. Will this affect my ability to receive student loans through financial aid?

Attorney answers (3)

  1. Mark Markus

    Contributor Level 16

    11

    Lawyers agree

    Answered . You cannot be denied a student loan by the government as the result of filing a bankruptcy case. 11 U.S.C. 525(c) strictly prohibits the denial of a student loan solely because a person has filed a bankruptcy or failed to pay a debt that was discharged in a bankruptcy case.

    Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.

    Legal disclaimer: Mark J. Markus practices law in California only. The information is not, nor is it intended to... more
  2. Howard Aaron Lazarus

    Pro

    Contributor Level 17

    11

    Lawyers agree

    Answered . I agree with my colleagues. In short, you cannot be prevented from getting a student loan simply because of a past bankruptcy. Further, student loans can be discharged in bankruptcy only when there are special circumstances.

    This answer does not create an attorney-client relationship.
  3. Dorothy G Bunce

    Pro

    Contributor Level 20

    10

    Lawyers agree

    Answered . Filing chapter 7 will not prevent you from obtaining future student loans, but as you no doubt know, you cannot eliminate student loans through bankruptcy. In addition, talk to a bankruptcy attorney about issues of timing the filing of your bankruptcy case so you don't run into any glitches at the last minute.

    Hope this perspective helps!

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