I Previously Filed Bankruptcy and Still Owe a Lot on an Old Student Loan

By on January 31, 2019

Question:

Dear Steve,

1. It was recommended to file chapter 7 (approximately 15+ yrs ago) Not able to discharge student loans -still have to date. Any exception to the rules to request a review of student loan only. My credit is excellent to date

2. Any an all exception/ rule/ regulation I paid the total amount due by customer service rep in 2014 approx 10,000 and apparently additional 1200 remains outstanding) In addition, to the still remaining 2/2 student loan originally 24,000 18 yrs later owe 60.000.

Patrica

Answer:

Dear Patrica,

Paying off the $1,200 would be cheaper than a second bankruptcy at this point.

The bigger issue is the second loan. It appears the balance is substantially more because you were on an income-driven repayment plan or you were on forbearance or delinquent at some point.

Is that larger loan a federal or private student loan. Please let me know in the comments section below.

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About Steve Rhode

Steve Rhode is the Euro-Video and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  1. Linda

    February 14, 2019 at 1:38 pm

    Hi Steve, I’m not Patricia but have a similar situation. My loans are serviced by FedLoan.
    Thanks Linda

    • Steve Rhode

      February 14, 2019 at 2:39 pm

      So these are federal student loans, correct?

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