Posts Tagged ‘Declaring Bankruptcy’

If I put all of my student loan debt on a credit card, could I cancel this out by declaring bankruptcy?

Posted in Credit on 02/10/2010 03:33 pm by
migueljuan asked:


I currently owe $45,000 in student loans and I am having a hard time paying them off. The loans are private (sallie mae) and I am not elligible for consolidating them via federal loans since I am not a US citizen. I was not able to get a visa so I had to leave the US. I live in Europe now.

I understand that declaring bankruptcy would not cancel out the student loans, but I have read that bankruptcy could cancel out credit card debt. I have a good credit score (790), so given some time, with an even higher credit score, I may be able to transfer my loans to a few credit cards.

What are the laws regarding credit card debt and bankruptcy? What difference does it make that I am not a US citizen and do not live in the US?

Lucy

 

What is the fastest way to get rid of student loan debt?

Posted in Minimal Documentation on 12/08/2009 03:31 am by
Ubiquitous asked:


I’m paying off a lot of credit card debt and currently have my student loans in a deferral status. But the big monthly payments will start up again at the end of this year.

Aside from trying to “drop off the radar screen” or looking for a much better-paying job that would quickly burn me out, I’m curious if anybody has any leads on this matter.

Thanks!

PS: Don’t recommend declaring bankruptcy because student loan debt is exempt from that.

Calvin