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About Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.

Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA - University of Minnesota

Past/Present Clients
(private)

You are here: Experts > Shopping > Credit/Debt Management > Creditors and Bankruptcy > chapter 7

Creditors and Bankruptcy - chapter 7

Expert: Regan Shinski - 10/29/2009

Question
I have a sallie Mae loan as a student loan and a loan with the
cooking school I attended and graduated from.
I have other debt as well and I am getting ready to file a 7 as I was told I have too much debt to file a 13.
The student loans I have started out at 45K at first but the interest has accrued so much that I now owe 75K.
When I file the 7 will the interest from these loans fall off and
leave the original balance owed for the student loans. It will be the rest of my life to pay off these loans with such a high interest built up and it continues to grow through the life of the loans. What is a person to do? Thanks, Kathleen

Answer
Sorry to say "No." If a debt is not dischargeable in bankruptcy, then the interest is not either. Your only possible option is the "undue hardship" clause of the bankruptcy code but it is so tough to attain I hesitated even mentioning it. Basically, if you have a physical disability that will prevent you from working the rest of your life, the loans could be discharged. Essentially short of that, the undue hardship clause is not attainable.

Wish I had better news. Double check with your attorney. There may be a state, local, or unique issue to your case that could apply. However unlikely, it's worth a quick inquiry.

Regan
mbscompany@aim.com

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