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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36646
Experience:  Bankruptcy Lawyer. Experienced.
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I HAVE $30,000 IN UNCERTIFIED PRIVATE STUDENT LOANS FROM TERI

Customer Question

I HAVE $30,000 IN UNCERTIFIED PRIVATE STUDENT LOANS FROM TERI AND CHASE BANK. I DID NOT USE THESE LOANS TOWARDS MY DEGREE. I ATTENDED A COMMUNITY COLLEGE AND THE FEDREAL GOVERNEMT GAVE ME GRANTS TO PAY FOR THE TUITION. HOWEVER, I APPLIED FOR UNCERTIFIED STUDENT LOANS TO PAY FOR EXPENSES THAT ARE NOT QUALIFIED AS EDUCATIONAL EXPENSES. I USED THE LOANS FOR CAR REPAIRS, BILLS, VACATIONS, AND OTHER EXPENSES NOT RELATED TO EDUCATION. ACCORDING TO A PROFESSIONAL STUDENT ANALYSIS ONLINE ARTICLE "Limitations on Exception to Discharge of Private Student Loans" UNCERTIFIED PRIVATE STUDENT LOANS ARE GENERALLY DISCHARGEABLE EVEN UNDER THE NEW 2005 BANKRUPTCY LAW. IS THIS TRUE? AND IS THERE STATUTE OF LIMITATION ON UNCERTIFIED PRIVATE STUDENT LOANS IN OHIO?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 5 years ago.
Hello,


I assisted you yesterday. Do you still need assistance or is this a duplicate question?
Customer: replied 5 years ago.
yes please. I still need clarification to my unique situation
Expert:  FiveStarLaw replied 5 years ago.
Hello,


I did read the article. I concur with it. In your situation the "student loan" appears to be dischargable. When you file your chapter 7, you will need to file an adversary proceeding in the 7 to have the loan determined to be discharged. Since this is not typical, you will want to retain a qualified bankruptcy attorney for your filing.


The statute of limitations in Ohio for the collection of a written contract is 15 years.


Good luck.
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36646
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
thanks for taking the time to provide an informed answer. But just so I don't walk to an attorneys office with false help, why do you think I can get a discharge in my situation? What is the likelyhood of it?
Expert:  FiveStarLaw replied 5 years ago.
Hello,


It appears that the loan may not satisy the requirements under 26 USC 221(d)(1) to be considered a qualified education loan as it may have exceeded the limits of a qualified education loan and may have disbursed for expenses outside the scope of a qualified education loan.


This is the link I used for the article - you may want to bring it with you to your appointment.
http://www.finaid.org/questions/bankruptcylimitations.pdf
Customer: replied 5 years ago.
have you as an attorney experienced cases where the private student loans were not qualified educational loans and were granted a discharge? am I looking at a 50/50 chance or higher? because i know i cannot prove undue hardship, so this is my only option. what are the possible and probable outcomes that may result in regards XXXXX XXXXX situation?

I will pay bonus
Expert:  FiveStarLaw replied 5 years ago.
Hello,


I have not personally had the experience. Most bankruptcy attorneys give a free initial consultation. You will want to meet with a local attorney to look more carefully at the loan and make a determination. However, even if the loans are not discharged, you have a lot of credit cards that could be discharged and thus, bankruptcy may still be to your benefit.
Customer: replied 5 years ago.
ok, i promise this is the last reply. I just wanted to give you one more piece of detail about my situation. back in 2007, I decided to attend two colleges during the same academic year. I applied for a $17,000 uncertified private student loan for College A from chase bank, and I also applied for a $17,500 uncertified private student loan with college B from Teri, both at the same time. however, I had received full tuition grants for College A, and I had dropped out of college B. College A's tuition was about $5000/year, but like I said I received full grants to attend this college, I did not need anymore money. college B was $9000/year. BASED ON THIS INFORMATION, WHAT DO YOU THINK THE JUDGE AND TRUSTEES ARE GOING TO SAY? DO THE CREDITORS HAVE A STRONG CASE AGIANST ME? WILL ONLY ONE OF THESE LOANS BECOME DISCHARGEABLE IN BANKRUPTCY?

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