Legal Question in Credit and Debt Law in New York
i have a student loan from when i was younger ..i never really attended the school so they kicked me out ..but i was told as far as the loan that i didnt had to worry that i wouldnt have to pay it ...next thing i know im getting harrass by collectors..plus i just found out the school is no more ..what should i do
1 Answer from Attorneys
You don't really have many good options. If you signed for the loan and were an adult at the time, you're obligated to repay the debt. If the loan was federally guaranteed, it is not dischargeable in a bankruptcy proceeding. But if it was a private loan, you could argue that you never derived the benefits of the loan and that it would be an undue hardship to repay it.
Either way, your credit will be drastically damaged from this. You may wish to consult with a bankruptcy attorney to discuss your options after reviewing your file.
Good luck!
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