If I took out a parent loan for my son’s schooling but can’t pay it off, what can I do?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I took out a parent loan for my son’s schooling but can’t pay it off, what can I do?
I filed Chapter 7 a few months after I took out a parent, plus a loan for my son. I filed about 3 1/2 years ago and he graduated school earlier this year. I currently do not have a job and have no source of income. I am unable to pay off the loan and am looking to get this loan forgiven. What is the process and is it likely?
Asked on October 9, 2014 under Bankruptcy Law, Nevada
Answers:
Anne Brady / Law Office of Anne Brady
Answered 9 years ago | Contributor
There are a few situations under which a student loan will be forgiven, but it does not appear that you fall under any of them. A student loan can be forgiven in a bankruptcy if undue hardship can be proven, but it doesn not sound like that was the case at the time, and that is water under the bridge. If you are disabled, it may be forgiven on that basis, but otherwise it is probably not worth your time to even try.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.