My name is Francine, and I’m a Moderator for JustAnswer.
I'm sorry you haven't received an answer yet.
The response rate on JustAnswer is usually over 95%, but delays can result depending on the number of Experts online, the question volume, and the difficulty level of the question.
If you would still like to receive an answer from an Expert, just let me know, and I will do my best to assist you by finding an Expert to help you.
If you have any questions regarding deposits or billing, please feel free to use the help link below:
Fran JustAnswer Moderator
Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.
Question: If I declared chapter 7 bankruptcy and it was discharged in June of last year, would my private student loan of $50,000 be included?
Response 1: No, it would not be included.
Before the bankruptcy my loan was through Chase and then went into default and then into collections. I did not hear from the collection agency since the bankruptcy, plus I am in school full time. Would my private loan be dismissed in the bankruptcy?
Response 2: Unfortunately, no it would not be discharged in bankruptcy.
I understand federal loans are not. Also, which credit agency is more relevant? Trans, Exper, or Equifax? This is what my credit report states: TransUnion Experian Equifax Past Due: $0 $1825 $0 High Balance: $42101 $42101 $0 Terms: 0 287 0 Limit: $0 $0 $0 Payment: $0 $480 $0 Opened: 07/25/2007 07/01/2007 07/01/2007 Reported: 01/31/2009 12/31/2008 03/01/2009 Responsibility: Individual Individual Individual Remarks: [TransUnion] Chapter 7 bankruptcy [Experian] [Equifax] Bankruptcy Chapter 7 Included in bankruptcy Optional Information: State/Country relating to question: South Carolina
Response 3: Experian is usually more accurate and tends to have more up to date information than the rest. Unfortunately, the fact that the loan is being reported as being discharged in bankruptcy does not mean that loan is actually discharged in bankruptcy. As you are aware, just because something is reported on your credit report does not make it automatically true. Unless you filed a separate proceeding (adversary proceeding) in your bankruptcy case to determine the dischargeability of the student loans and the Bankruptcy Court ruled in your favor that the loans are dischargeable, the student loans are not discharged in your bankruptcy. See 11 U.S.C. Section 523(a)(8).
If you are in school, the loans are in deferment. That is probably why you have not heard from the lender or the collection agency. The lender or its collector cannot initiate collection of the debt when you are still in school full-time.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).