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Bankruptcy Law/Sallie Mae and Bankruptcy

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Expert: - 9/28/2010


Question
Due to a failed business and substantial personal expenses incurred regarding that business, my husband and I are filing Chapter 7 bankruptcy, both personally and on behalf of the business.  We expect the bankruptcy to be fully discharged by the end of the December 2010 or January 2011.  In July 2011, we will be reapplying for our daughter's Sallie Mae student loan.  We are NOT including the Sallie Mae loan as part of the bankruptcy and will continue to pay the loan as directed.  Will filing this bankruptcy hinder our ability to get a loan for next year?

Answer
Pursuant to 11 USC 525 a governmental unit, or student loan program that operates under a governmental program, not deny a student loan on the basis of the borrower having filed a bankruptcy case.

You must, however, list the student loan as well as any other debts you have, in your bankruptcy case.  

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Mark J. Markus- California Bankruptcy Attorney

Expertise

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.

Experience

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,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    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)

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

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

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

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