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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My (soon-to-be-ex) husband and I got married in 2003 in NY.

Customer Question

My (soon-to-be-ex) husband and I got married in 2003 in NY. We lived in FL for our entire marriage, and still own a home there which is in both of our names. I currently live in NC, and he lives in MA. He had the ability to obtain a divorce lawyer through the Mass Masonry Union, and due to cost, I am unable to. His lawyer has filed in MA. I was told that because our marriage is considered short term, we take what is ours & split the rest, including debt (except for student loans, his are his, and mine are mine). However, I co-signed all $150k+ of his student loans. While legally I will not responsible for them, financially I still am. He stopped paying & they've been turned over to collections. I am a full time student and I bar-tend full-time to support myself. I have no way to pay HIS loans. Collections refuses to work out a payment plan for me, despite my attempts to try. Bankruptcy laws make it difficult to remove student loans, but is it impossible? It may be my only option left.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 8 years ago.
Is your husband financially able to pay the loans?

Edited by Christina Fortunato, Esq. on 6/11/2010 at 3:04 PM EST
Customer: replied 8 years ago.
No ma'am. He has been unable to obtain work in his field of study, and has taken up work as a stone mason. The work is inconsistent, and despite his attempts to make payments he is unable. He is able to and is paying his federal loans. However the private loans are completely unable to be paid.
Expert:  cfortunato replied 8 years ago.
What are the federal loans for?
Customer: replied 8 years ago.
They are also student loans.
Expert:  cfortunato replied 8 years ago.
It is true that student loans are impossible to dischargeable in a bankruptcy, unless the debtor develops a permanent disability. But there is legislation in the works that is supposed to make student loans less burdensome. I think you have to wait and see what the result of that legislation will be.
Customer: replied 8 years ago.
Any idea what the bill/legislation name/number is XXXXX I can do some research? While I can appreciate the sit-back-and-wait approach, I feel helpless in fixing my situation. Compounding the frustration of the matter, are the factors that the loans are for his education, not mine. In addition the collections agency will not help, despite my attempts to make some arrangement. Lastly, until they are resolved, my credit report is a mess, which, (correct me if I am wrong) will hurt my chances at obtaining a security clearance to work for a federal agency (which is/was the goal of my education)...
Expert:  cfortunato replied 8 years ago.
I haven't kept up with this, and the new regulations may have already passed. Here is more information:
Customer: replied 8 years ago.
The IBR has passed and went into effect July 1st 2009. However, it is for federal loans only, and does not apply to private loans.
Expert:  cfortunato replied 8 years ago.
Thank you.
Customer: replied 8 years ago.
Relist: Inaccurate answer.
I was as/more knowledgeable about current legislation on my subject than this expert. I'd like to speak with someone who has specific knowledge about student loans if possible.
Expert:  cfortunato replied 8 years ago.
I can't really help you with your dilemma, so I am opting out of this question, as someone else might be able to.
Expert:  cfortunato replied 8 years ago.
Your original question was about bankruptcy vis-a-vis student loans, which I answered. I brought up the legislation, which I admittedly have limited knowledge of. If you want additional information about the new student loan legislation, you should start a new question - in the "Legal" section, instead of the "Bankruptcy Law" section.
Customer: replied 8 years ago.
Expert:  cfortunato replied 8 years ago.
You're welcome!