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Expert: - 11/14/2008


Question
I am in a state of financial ruin.  Medical bills and credit card debt, pay day loans and a student loan.  Im am considering BK, ch 7.

my question is about the student loan that I have with Sallie Mae for $7,000.  I was only able to attend school for 10-15 days before I was forced to quit due to a car accident that left me without a vehicle and a severly boken arm/hand.

Would there be any way possible that I could get this debt discharged??   I find it very unreasonable to have to pay $7,000 for less tha 2 weeks of school.

If it makes any difference, I am in California.

any advice would be greatly appreciated.

Thanks  

Answer
Student loans are not dischargeable in bankruptcy unless you prove at trial undue hardship, which is difficult to do.  To read more about this, please go to http://www.bklaw.com/chapter7/student_loans.html

For other student loan options please visit
http://www.ed.gov/offices/OSFAP/DCS/loan.cancellation.discharge.html

and there may be other ways to deal with your situation there.  

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Mark J. Markus- California Bankruptcy Attorney

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Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

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Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
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    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

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    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

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    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

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    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

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