How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask cfortunato Your Own Question

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

I am overwhelmed with student debt that is making it hard for

Resolved Question:

I am overwhelmed with student debt that is making it hard for me to pay my regular monthly debts and am curious what my options are.
Submitted: 2 years ago via RocketLawyer.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.
Hi JACustomer,
If you file a Bankruptcy, you will be able to have your unsecured debts discharged, but not your student loans, which are generally not dischargeable in a Bankruptcy.
If not having to pay your other unsecured debts makes it easier to pay your student loans, then a Bankruptcy would be a good option

I think this is what you wanted to know. If not, please let me know.
Thank you!
Customer: replied 2 years ago.
Then, there is no way of ridding myself of the student debt as well?
Expert:  cfortunato replied 2 years ago.
Unfortunately, only those who are permanently disabled can have student loan debt discharged.
Customer: replied 2 years ago.

One more question, sorry.

 

When you say rid myself of all other debt, would that include car payments and credit card payments? And not the Sallie Mae and Direct Loan student loans, but what about private loans through Citibank for school?

Expert:  cfortunato replied 2 years ago.
Your liability for credit card bills and the car loan would be discharged. However, if you want to keep your car, you would have to continue to pay the loan, or the car could be re-possessed.
All student loans - private and government - are currently nondischargeable. The pre-2005 Bankruptcy Code allowed the discharge of private student loans, but for all Bankruptcies filed after 2005, the private loans are also not dischargeable.
Customer: replied 2 years ago.

Alright, what if someone obtained a personal loan and put it towards the student loans and then filed for bankruptcy? Would the courts go back to see how the new loans were dispersed or would they be eligible for discharge?

Expert:  cfortunato replied 2 years ago.
Debt that is obtained with no intention of paying it back is non-dischargeable. Unless a creditor could prove the personal loan was obtained with no intention of paying it back, that loan could be discharged in a Bankruptcy.
Customer: replied 2 years ago.

So, by consolidating the student loans into a personal loan, making the payments to the best of my ability for six+ months, and then realizing that I just cannot make ends meet, that would not be grounds for non-discharge becuase I have tried to pay it back?

Expert:  cfortunato replied 2 years ago.

Only you know what your intention is when applying for and receiving a loan. However, if a loan is taken less than 90 days before a Bankruptcy is filed, the court will presume there was no intention of paying it back - even if it is paid for the 90 days. Bankruptcy Stat. 523(a)(2).

After 90 days, the only way a creditor could prove there was no intention of paying back the loan is if the debtor admitted there was no intention.

Customer: replied 2 years ago.

Alright, Thank you very much for your time today.

Expert:  cfortunato replied 2 years ago.
You're welcome!
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 3 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.