Can I File Bankruptcy On My Sallie Mae Student Loan

Ive been jobless for more than 2 years now the initial amount for the loan was 15000 now its 21000 because of interest and because i stopped paying it 2 years ago because i havent been able to find a job. A bankruptcy court will honor one exception to this rule however.

Sallie Mae Student Loan Discharged Under Bankruptcy But I M Paying

can i file bankruptcy on my sallie mae student loan

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In my recent article and research on the discharge of sallie mae and private student loans here i discovered there is a special subset of private student loans that can be easily discharged in a consumer bankruptcy filing.

Can i file bankruptcy on my sallie mae student loan. Update june 15 2016 new information comes out on private student loans and bankruptcy involving if the schools were title iv eligible. Understand student loan payments. Can you file bankruptcy on a sallie mae private student loan.

With that said this guide goes through the process of how to get a private student loan bankruptcy discharge anyway talking about the differences between filing via chapter 7 or chapter 13 explaining exactly what an undue hardship is and offering advice on how to improve the chances that your bankruptcy discharge application is approved. Get help from sallie mae. Can i file bankruptcy on a sallie mae loan that is a personal loan and not a student loan.

I am a 26 year old female and my income doesnt even cover my living cost. It was a student loan for culinary school. The bankruptcy code designates priority debts as non dischargeable.

Thats 91988 per month. Will the bankruptcy wipe out the sallie mae private student loan. Therefore in most cases a chapter 7 bankruptcy filing wont cover defaulted sallie mae student loans.

Dear steve situation i have a sallie student loan for 5857775 and a citibank student loan for 3096030. As a result the standards to get a student loan discharged in a bankruptcy are very high and nearly impossible to meet. In 2003 i tried to attend this class called tech skills where they were suppose to teach you about computers.

I live at home with my parents still. Defaulted sallie mae student loan debt is unsecured. Deferring payments for school or internship.

Check if you are eligible for a student loan deferment. Deferments allow you to temporarily reduce or postpone payments on your student loans in special circumstances. They indicated that sallie mae is not opposed to bankruptcy protection for student loans provided that it applies to all student loans and there is some sort of good faith attempt at payment for.

My monthly payments are 62268 and 29720 respectively. Re if i have a sallie mae student loan can i file bankruptcy and wipe it way. Learn how your student loan payments are calculated.

However its also a priority debt. Just in case you may be questioning if this is really possible which you might be since many believe no private student loan can be discharged in bankruptcy here are examples of sallie mae student loans that were fully discharged using this strategy.

Student Loan Help Difficulty In Paying Loans Back Sallie Mae