Legal Question in Bankruptcy in New York
Can you go bankrupt on student loans?
I currently owe a large sum in student loans. I see no way of repaying the loans with the job I currently have. Can I go bankrupt on the loans?
Asked on 9/18/00, 9:38 pm
1 Answer from Attorneys
Eric Kochel
The Law Office of Eric David Kochel, Esq., P.C.
Re: Can you go bankrupt on student loans?
Generally, No. If your "student loans" are quaranteed student loans. That is, guaranteed by a federal or state government agency, you cannot discharge them in bankruptcy. If, however your loans are private and they are unsecured they may be dischargable under certain circumstances.
Answered on 10/18/00, 4:47 pm
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