Legal Question in Bankruptcy in New York

I have 120k of private student loan debt. I live in NYC and have a good job that pays 50k per year, however, my monthly student loan payment is $1100 and I cannot afford to pay anymore. I have been paying on time since 2005 and used my deferment time as well. With the student loan, and rent and $300 a month in CC payments, I am considering either chapter 13 bankruptcy or debt settlement. Do either of those options provide relief for the private student loan payment?


Asked on 4/09/11, 9:39 pm

1 Answer from Attorneys
Christopher Hite Rosenberg, Whewell & Hite, LLC

As a young attorney, I can sympathize. Generally, student loans are non-dischargeable in bankruptcy except in extreme circumstances. Its also not usually possible to settle the amounts. Your best option is probably modifying your payment plan with the lender to get something that is longer term, graduated payment, or income-sensitive in nature.

Read more
Answered on 4/12/11, 9:12 am


Related Questions & Answers

More Bankruptcy Law questions and answers in New York