Announcement

Collapse
No announcement yet.

Bankruptcy for private loans

Collapse
This topic is closed.
X
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bankruptcy for private loans

    Deleted/unhelpful responses
    Last edited by Ekanive23; 10-07-2020, 04:49 PM.

  • #2
    student loans or private loans for something else? student loans are historically very difficult to erase via bankruptcy. https://www.studentloanborrowerassis...rg/bankruptcy/

    Comment


    • #3
      Pay your bills

      Comment


      • #4
        Originally posted by Lordosis View Post
        Pay your bills
        You can read right?
        I knew you’d be on here too. My message has that one part in there thinking of you.

        Comment


        • #5
          Originally posted by billy View Post
          student loans or private loans for something else? student loans are historically very difficult to erase via bankruptcy. https://www.studentloanborrowerassis...rg/bankruptcy/


          private student loans.

          precedent has just been set it appears so if things don’t work out, I’m considering that option

          Comment


          • #6
            Originally posted by Ekanive23 View Post
            Scenario: husband makes good money. Paying down debts keeps family a afloat. Lives on his income alone .

            wife stopped school is stay at home mom and has lots of private loans. Does this change if she wasn’t stY at home? Just had lower paying job!? Would it change if she was a FMG? School half a$$ed everything and didn’t set her up for success?

            can this be declared in bankruptcy given all the debt was assumed prior to marriage?

            dont come at me with ethical jargon.

            would we have to divorce first?

            would I have to get her name off all rental property? She’s not on any of the bills
            mortgages or my checking.

            her co-signer has passed away as well

            .

            ideal situation is she matches and we just pay it back as a team, if she doesn’t I do not want to live like we’d have to or work 6 extra shifts a month for a couple of years to fix this.
            Weird post.

            Your spouse made a decision to take out these loans. She has an obligation to repay them. When you married her, you married her debts as well as assets. Just because she bailed on school to become a stay at home mom doesn't dissolve you both of the responsibility to manage the debt. Don't see the school's fault in this either.

            Good luck.

            Comment


            • #7
              “can this be declared in bankruptcy given all the debt was assumed prior to marriage?”

              A debt prior to marriage is her’s alone.The catch is depending on the state,
              https://www.nolo.com/legal-encyclope...erty-debt.html

              Divorce and removing her name probably won’t help. Her share of joint assets won’t be shielded.
              Attempts to “hide assets” will likely create tons more problems than a student loan. You need an attorney before you do anything. The bankruptcy count will be looking for her to repay it. What are you living on? She looks at you and the judge tries to say hello and the attorney cuts in. If you bought rental properties, those will be an the table. Don’t try this at home or on the Internet.

              Comment

              Working...
              X