[marxjunk]

when you file, you can have exclusions...if you dont want your wife to file talk to the lawyer and see if you can assume the debt...her credit has a bearing on your credit..

if he's really, and i mean really in trouble..thats what its there for..if he want a lifestyle change, he should buckle down and do the right thing...no school loans can be included in the bankruptcy

in a year he'll have better credit than he does now...it will follow him, but its not a big deal anymore..because he cant file again, and creditors know it...its a last resort thing, but..if he really needs to..id support him, if he was my son

whats his wife walking away with? is she in debt too? will she file? lots of questions, and you should really talk to an attorney...a good one, not those 199.95 file guys...

[py71lemans]

A friend of mine looked into this and was told that school loans (student loans) will not be dismissed in bankruptcy.

Find a really good lawyer.

[njsteve]

That is correct. Taxes and student loans are two main things not dismissable by bankruptcy. Otherwise every graduating college student would file since technically their debts far outweigh their assets upon graduation.

[72pontiac]

the lawyer said his type of school loans were covered. I don't know. hes my step son and his mother and him never listen to me so I just grin a bear it . if you need me ill be living under a rock.

[GT182]

Originally Posted by 72pontiac

the lawyer said his type of school loans were covered. I don't know. hes my step son and his mother and him never listen to me so I just grin a bear it . if you need me ill be living under a rock.

My God, you must be my neighbor next rock over. LOL

That lawyer is feeding someone some crapola. As said..... No student loan will be dismissed by bankruptcy. He can get help to work out his payments but the loan is his for life or until it's paid off.

[68 Firebird Brian]

Banks and the government always get paid. Transfer as much debt to credit cards and the default on the cards. CC will settle on 50 cents on the dollar. This will give you 5 years bad credit. If you don't have the $$'s to pay out the cards then a credit consoling organization will finance it for you. They will negotiate with the CC's and give you one payment. Again, this will leave you 5 years bad credit.

Bankruptcy will follow you forever. Look at any Bank questionnaire, "Have you ever declared bankruptcy". They don't care if it was 5 years or 50 since you filed. This is your last resort option.

A lawyer will give you a big bill. Accountant may help. Credit consoling is your best bet.

One spouse with bad credit is much better than two spouses with bad credit.

Good luck!

[69Goat1]

Originally Posted by 68 Firebird Brian

Bankruptcy will follow you forever. Look at any Bank questionnaire, "Have you ever declared bankruptcy". They don't care if it was 5 years or 50 since you filed. This is your last resort option.

Not true... I went through a bad divorce back in the mid 80's that left me no choice but to declare bankruptcy. I became a cash only guy for 7 years and after that my bankruptcy fell off and I started building credit. I score in the 780's now and have not been denied for any type of credit I have applied for since that 7 year time after my bankruptcy. I have not ever seen any application that ask "have you ever filed bankruptcy". The key is to change, never be late on a payment. Keep a couple low interest cards you pay off monthly if you use them. Keep your income to debt within a good ratio. Pay off debt early, double up, etc...