AboutLos Angeles Bankruptcy Lawyer Leon D. Bayer Expertise Personal and small business bankruptcy. Mr. Bayer has successfully handled thousands of bankruptcy cases. You can view his personal web site at:
Publications Author, ?The Essentials Of Chapter 13,? Daily Journal Report, December 18, 1987.
Contributing Editor, Basic Bankruptcy, California Practice Handbook, Matthew Bender 1992, 1993.
CEB Consultant, CEB-Personal and Small Business Bankruptcy Practice in California, 2003.
Awards and Honors President, 1995-1996-Los Angeles Bankruptcy Forum; Member - Los Angeles County Bar Association Committee on Commercial Law & Bankruptcy, 1988. Law Advisory
Commission-Personal & Small Business Bankruptcy Law of the State Bar of California, 1996-2000
MR. BAYER SAYS: The big banks and credit card companys have been working overtime for many years to undermine the Consitutional right of the American people to be able to claim bankruptcy protection. In 2005 the banking lobby successfully convinced Congress and the President to make the laws and proceedures more complicated, hopeing that it will stymie legitimate people from filing bankruptcy. They succeeded in gaining these complex new legal proceedures by greasing the legislative system with hundreds of millions of dollars in "campaign contributions." The good news for the American people is that while the new laws have made the proceedures needlessly complex to the point where inexperienced people can't help but trip over the maze of new rules and regulations, the process is still doable, especially with a lawyer who is well trained and experienced in this specialty.
It may depend on the type of loan that a person is seeking. The Bankruptcy Code states in Section 525(c) that issuers of governmental direct loans and governmental guaranteed loans may not discriminate against a person who has filed bankruptcy. However, I think this leaves "private" lenders in a position where they might discriminate.
I believe that Sallie Mae issues both types of loans, governmental and private. I suggest you ask Sallie Mae directly, and I think they will respond to you. You should also call the student loan offices at some of the schools that are under consideration, and ask them what their experience has been with this.
I'm sorry I can't be more specific, and it is always possible that by the time you are applying, the rules and regulations might have changed.
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