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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I currently owe about 25k in student loans and I am due to

Customer Question

I currently owe about 25k in student loans and I am due to start attending again in the next few weeks part time. I am in the position where I will need to file bankruptcy due to being moved from one position to another at my job which will cost me about 500 dollars a month in income. I also have a home in foreclosure from a bad divorce about 2 years ago. My total debt is about 150k. My concern is qualifying again for student loans...in the next year or so I will need to apply for student loans again, will I qualify? I know that I can't throw in my student loans in a bankruptcy and that is OK. I won't file if I will not qualify for student loans in the near future. Please advise. Thanks.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

When you apply for student loans you credit would be looked at, but you would still be able to obtaid Federal loans,

WALLSTREETESQ :

Plus loans, which look into your credit would be denied due to the bankruptcy filing,

WALLSTREETESQ :

If you have been current on your student loan payments, than their should be no problem to apply again for them,

WALLSTREETESQ :

However I would suggest you file bankruptcy after you receive the student loan check just to make sure

JACUSTOMER-hkksr055- : I will need student loans again in about a year...that's my problem I can't pay for anything
WALLSTREETESQ :

if they are federal student loans, a bankruptcy would not hurt you,

WALLSTREETESQ :

if you are paying your students loans now on time, that helps, and you can qualify again

JACUSTOMER-hkksr055- : You recommend waiting a year or should I just file now? Not sure what to do...
WALLSTREETESQ :

When will you apply for student loans again?

JACUSTOMER-hkksr055- : My loans are currently in forebearance...would that hinder anything?
JACUSTOMER-hkksr055- : I'll be applying again Jan 2013
WALLSTREETESQ :

Than you may want to file bankruptcy now, and keep on paying into the forbearance,

WALLSTREETESQ :

the forbearance program will hurt you when you apply again,

JACUSTOMER-hkksr055- : It will hurt me? I'm not paying anything towards my loans right now...
WALLSTREETESQ :

that will hurt you

JACUSTOMER-hkksr055- : So I should start paying whatever I can into my loans now?
WALLSTREETESQ :

yes,

WALLSTREETESQ :

so you can apply again

JACUSTOMER-hkksr055- : Ok...how long does it usually take? Also...my home which is under foreclosure is under my ex-husband name, will he know that I filed bankruptcy?
WALLSTREETESQ :

A bankruptcy take 2-4 months,

WALLSTREETESQ :

he would know you filed bankruptcy if the property is in your name, a bankruptcy

WALLSTREETESQ :

is public information

JACUSTOMER-hkksr055- : The property was under his name as well
WALLSTREETESQ :

he would be made aware of the foreclosure,

WALLSTREETESQ :

the bankruptcy information would not be sent to him, but he could find out if he wishes

JACUSTOMER-hkksr055- : Got it. Ok thank you for your help.
WALLSTREETESQ :

good luck,

WALLSTREETESQ :

and if you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied with our service pleas press the accept button so we can receive credit

JACUSTOMER-hkksr055- : Thanks
WALLSTREETESQ :

no problem