Legal Question in Bankruptcy in Illinois
My question is, is it possible to file for bankruptcy for my student loans. I am unable to pay for the 20 thousand loan that I have
Asked on 9/27/11, 5:07 pm
2 Answers from Attorneys
Sanford M. Martin
Sanford M. Martin, P.A.
Student loan debt is one of the major exemptions to debts which may be discharged in bankruptcy. Your student loan may have a special provision or differ from standard student loans; otherwise, chapter 7 bankruptcy will not eliminate the debt.
Answered on 9/27/11, 5:22 pm
Glen Ashman
Ashman Law Office also dba Glen Ashman Attorney
You can sometimes reschedule payment of student loans via a Chapter 13. A Chapter 7 won't help with most student loans.
Answered on 10/02/11, 9:41 pm
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