Q: Private student loans and bankruptcy
If filing chapter 13 bankruptcy,can I include private student loans in Louisiana. I'm a teacher and owe 80K in private student loans. My payments are 893.00. This is a burden every month. My mom cosigned and everytime I'm late it's affecting her credit. If I file chapter 13 will this affect her credit even more and can my loans be discharged because I will never be able to pay them amount off.
A: A: Student loans, regardless of the source are generally not dischargeable in bankruptcy. There are rare circumstances when then can be discharged in bankruptcy, but it involves the filing of an expensive secondary action involving issues which can be more affordably addressed with most lenders forgiveness policy. Generally, there are only two instances when Student Loans are forgiven (1) Death, and (2) Total and Permanent Disability – this is well beyond the definition used by SSI/SSD and usually requires a vegetative state or expected death within a year. If there is a living cosigner, generally there is no forgiveness.
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