Legal Question in Credit and Debt Law in Illinois

A Student loan is bought and sold several times, and while the loan is being paid to 1 owner, a previous owner seizes refunds. I was advised by present owner ??? that any previous owners would be notified that the loan is being satisfied. I continued to make ACH payments, until I became unemployed and could no longer afford it. I have been unable to even get any information pertaining to these loans, now I just don' t know whatelse to do.


Asked on 11/29/09, 7:54 am

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Have you considered a bankruptcy? It is a popular myth that student loans cannot be eliminated through bankruptcy. It is possible where you are able to show that the loans place an undue hardship upon - which appears to perhaps be the case here. Feel free to email me with any additional questions; [email protected]

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Answered on 12/05/09, 9:56 am


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