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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
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 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.


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


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


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


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


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

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


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...

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

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


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...

that will hurt you

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



so you can apply again

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

A bankruptcy take 2-4 months,


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


is public information

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

he would be made aware of the foreclosure,


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.

good luck,


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


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JACUSTOMER-hkksr055- : Thanks

no problem