Can you claim student loans on bankruptcy filing?

Answer 1

No. and Yes. The default on your prior student loan must be addressed and the loan rehabilitated before you're eligible for more student loans.

The bankruptcy would only affect you if you had a defaulted student loan that was written off in the bankruptcy. Otherwise, bankruptcy doesn't prohibit you from applying and received federal student loans.

Student loans are NOT automatically written off in bankruptcy and take extra steps with the courts.

Answer 2

In the US, only if you rehabilitate or consolidate the defaulted loans. To rehabilitate, you need to make 9-12 ontime payments to your current lender.

If you need help with the consolidation of your defaulted student loans, click on the link below

Answer 3

A basic, rough primer: BK is always done under Federal Laws, in a Federal Bankrutpcy Court. Basically State makes little difference. (Yes the BK Courts operating in certain areas have certain special exemptions and such, minor in the overall, generally intended to make things adhere to the local laws and customs better). In a personal bankruptcy, YOU go bankrupt. Not a debt, not a loan...not a car...not a this or that. ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilities/debts must be too. No exceptions, no picking and choosing. They are all, always involved in some way.The court will then order each of them in priorities according to the laws. Some things may be exempt from use or discharge (like your personal furniture and retirement accounts are exempt and child support cannot be discharged) - and the rest may be used. With one to pay the other. (All possible creditors are contacted and asked to say what they are owed....you may be required to even take advertisments out to make sure everyone is notified). Any deal you've done for several years is open to scruitiny and review. The court can reverse them, take them out of the BK, or even have them prosecuted as trying to defraud your creditors. (So, no you can't sell your boat to your brother and then declare BK). Debts secured by an asset (say a car) have first call or right to the money received from that asset. If it isn't enough to pay the debt, the remainder of that debt becomes a general or unsecured claim against the BK., and has a chance to payment on that level too (albeit a lower priority than those who have yet to receive anything). The end/remaining amount that can't be satisfied is generally discharged by the court...meaning you no longer owe it. You get a fresh basically debt free start....many of those you owe don't get paid what they had expected and relied on, if anything. There are many other considerations too. BK will severly hurt your ability to get credit for a very long time for example. It is on your credit report for at least 10 years...and employers refer to that too, as do landlords and more. Many do not trust people with bankruptcies in their past, especially in the last few years. Many more things. Not disclosing all items is frequently tried and easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (Courts don't take to being lied to well). The courts, Judges, laws, bankers, all those zillions of attornies, etc, have been through this thousands of times for many, many years. The processes are fairly well worked through and prepared for tricks and games. It is unlikely you would discover one that hasn't been tried a zillion times before! The Cos that claim they can change your record, or make magic happen (either before or after BK), are scams, and getting caught doing something unsavory (intentional or not), other than screwing up your bankruptcy filing, is frequently considered and persued criminally. (Think your financial troubles are bad, try adding in criminal ones). The legal process and system is demanding even for those experienced with it. Many of your creditors will have an attorney to assure they get as much as possible, even groups of lawyers, who specialize only in bankruptcy. Simply you should/better/need to have one too

Answer 4

In the US, only if you rehabilitate or consolidate the defaulted loans. To rehabilitate, you need to make 9-12 ontime payments to your current lender.

If you need help with the consolidation of your defaulted student loans, I recommend www.defaultms.com

Answer 5

Most federal student loans are not based on credit but rather financial need determined by your FAFSA. The FAFSA looks directly at your income and your parents income if you are a dependent, in comparison to the estimated cost of attendance at your educational institution. For the most accurate information check out the related link.

Answer 6

Yes you can. I recently filed for bankruptcy in March 2008, i am starting school in May 2008. Federal loans do not check your credit report.