New York | Bankruptcy
Legal Question
Bankruptcy and Federal Student Loans
I am a 24 year old who is seriously considering Bankruptcy soley due to a 30+ thousand dollar debt due to student loans. I've read online about how student loans are exempt from bankruptcy unless certain circumstances are proven concerning the person involved. I was curious about what these circumstances were exactly and how difficult it would be to file bankruptcy due to the loans which I cannot see myself being able to pay even half of my minimum monthly payment as it is currently. Paying half (all I can afford without sacrificing rent and food costs) will still cause me to acrue late fees regardless of the fact that I'm TRYING to pay what I can without sacrificing the basic bills I have to continue to even live such as rent. I really need help here I'm at my wits end. It has been 2 years nearly since I have been out of school. I have already deferred due to economic hardship (which was accepted given my financial status proven by pay stubs) and am out of deferrment options. I cannot afford to even continue schooling in order to defer my payments. I don't see many choices and I need any advice I can get. I appreciate any responses.
-R.R.
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Read More Answered By: Eric Kochel |
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