Is it possible to file bankruptcy because of student loans?
Information on private or Federal loans is appriciated. How would this affect a cosigner?
Posts Tagged ‘cosigner’
What should we do about filing bankruptcy? What chapter would be best and what is involved?
Well, me and my fiance have been living in our first home (a double wide trailer) for 3 years. We have kept up with the payments just fine until we had to get this last loan out to cover the air conditioning (last summer). My fiance brings home about 5-7 hundred dollars a week depending on the hours he gets in. We even worked a paper route for about 6 months to get caught up with everything and it seems impossible. We dug ourselves into a deeper hole than we were in before and now it is reallly impossible to get out of. We have tried EVERYTHING to get back on track. My fiance just heard this morning after having a friend cosign for a personal loan, that we were denied and the cosigner had PERFECT credit. My fiances credit has gotten terrible since we bought this house and he is so overwhelmed with bills and working 12 hours 5 days a week that it is driving him crazy. He tried many times to get a personal loan/home equity loan and everything before he had tried to get the cosigner and those times obviously he was turned down as well because of bad credit. I don’t like hearing DENIED once or twice a week and seeing my fiance get disappointed. The loan he is applying for would be used to pay off all of the bills we are currently making monthly payments on and knocking the monthly bills from almost 500$ to just over 150$. Paying that one loan payment will make things easier for now and he can pay that off as much as he can, but the minimum would be a lot easier to keep up with. He is saying that if he can not find a way to keep up with things better, we are going to lose the house. I am unsure of what we could do and i wanted to ask all of you if you have ever been in a similar situation and if so, what did you do to get out of it when everything seemed impossible. We were thinking bankruptcy, but we don’t know how it works. I am hearing that you still have to make payments on your bills unless it adds up to a certain amount. If the current credit accounts do not add up to be enough, would foreclosing our house and filing that on our bankruptcy help since it would be a higher total of debt? I don’t know how this works and he can’t just STOP paying people because i know they will all take him to court and garnish his paycheck. Please give me some advice. Thanks 
My co owner is filing bankruptcy.. what should I do?
My husband and I purchased a truck in Feb. 2006. We were both young and had very little credit so we required a co-signer. Some how when we were signing off on all the paper work, our signatures got mixed up. So according to the bank, our cosigner is the owner and my husband is the cosigner. In Feb we will have had the truck for 4 years now, we have never missed a payment nor have we ever been a day late. My husband is about to be deployed to Iraq in Dec so we will be able to have the truck paid off by next year (a year early). So here is where my question comes in. We just found out this morning that the guy who cosigned for us is in the middle of filing for bankruptcy. Our truck has lots of equity so its a point of interest for the bank. We have tried to refinance but we’re turned down because of my husbands dept to income ratio. So I need advice on what we can do. We live in the state of Georgia and our co-owner lives in Texas. If anyone knows of any loop holes or can offer legal advice it would be greatly appreciated!
How do I pay for school?
To sum it up I was forced to drop out of school about a year ago because my parents went bankrupt in the middle of my first semester. I had just transferred in to my dream school (an expensive private university) and had counted on my parents co-signing a loan with me. However, they had not told me that the business they had invested thousands of dollars in had gone under so when it came time to apply for a loan and pay the university for my first semester and register for the next semester’s classes I was told there was no way they could afford it. In shock and without financial or emotional support from them I left the school and moved in with my grandmother. I didn’t handle payments with the school immediately because I had no idea how to go about it and assumed they would arrange it.
After that semester I also returned to a junior college and completed requirements to transfer in to a more affordable, state school. This last fall I began a new semester at the new university feeling excited to be back in school. However, now that it is time to register for the upcoming semester’s classes I am being told that without the transcript from the first university I cannot come back to school in the Spring (the requirements for transfer students is to submit ALL transcripts from previously attended schools by the Spring) I contacted the previously attended school to discover I had been put in collections (notices had been sent to my parents home, warning of this, and my parents had never told me). They refuse to give me a transcript without paying the amount in full which is over 10,000 dollars. I have set up a payment plan with the collections agency but again, without paying it all at once, I will not get the transcript and therefore cannot finish school at the university I currently attend. I have tried applying for a loan but as a student I do not qualify for that amount without a cosigner, which I do not have. I don’t know what to do…I have tried contacting everyone imaginable, the president of the previous university, counselors, the head of admissions at my new school, and family members but no on offers me any help or alternatives. I feel so incredibly helpless and all I want to do is finish school.
Does any one know of a lender that approves student loans without a co-signer? Should I file for bankruptcy? Contact a talk show and see if they’ll give me money?? I’D DO ANYTHING TO FINISH SCHOOL! PLEASE HELP!!
should you file your income tax before filing bankruptcy or after ,and any student loans as well ? thanks?
i am a cosigner on a 2007 car would they bother that even if i am a consigner.
question about a short sale and bankruptcy?
I sold my house by means of a short sale in nov. of 2008.the bank,td banknorth told me the remainder,90K,was to go to charge off by me not paying it. I have the collections dept. calling me asking for money.I told them I couldn`t pay 90K back and had no intentions of it.As I was advised by the rep. at the bank who handled the short sale.
the collection dept. is telling me I have to pay it or they suggested I file bankruptcy.
we are currently renting but would like to buy the home we rent,I do need a cosigner now because of the damage the short sale did to my credit.
does anyone know anything about what steps I should take and if I should file for bankruptcy? I know once I do I won`t be able to buy anything for years to come-so should I try to get another mortgage before file for bankruptcy? or not even bother because the bank will come after me more because I just bought another home.
I`m not trying to pull a fast one here,just looking out for my family,I have 3 young children and needed to get out of the area we lived in,that was the reason for the short sale and the mess we are in now.We had our house on the market for over 2 years and just watched the house depreciate in value,not mention no one was moving into our town because of the schools and crime rate,we had to jump at the chance to get out when had our first and only offer. Just wanted to add that before i get bashed.