Up to my eyeballs!
Date: Fri, 05/14/2010 - 08:27
Up to my eyeballs!
So... that said. My parents co-signed on several of my student loans and they're barely covering their own bills at this time due to 1) my mother was working full-time as a LPN but is now disabled due to medical malpractice (they're currently filing a lawsuit re: that) and 2) my father retired after 35 years at his first job and is working full-time for less wages as an RN.
I have all but 2 of my federal student loans consolidated. The federal loans are the least of my worries. I have private loans through Sallie Mae, CitiBank and Loan to Learn (the worst of them) and I have no way to pay them consistently.
I can occasionally make $100-$200 payments on one of the loans but throwing that little at all of them gets me nowhere. I've considered paying on the smallest loan consistently until it's paid off. Is that the best way to approach this?
What about wage garnishment? They keep threatening me with it but I have no income. They can only take what's in the bank, right? That's how my husband's forgotten traffic ticket was paid.
We filed bankruptcy about 2 years ago so I'm not concerned with my credit score right now. It's trashed and until I can figure out the student loans it will stay that way. My Loan to Learn collection letters state on the bottom to disregard the letter if I've recently filed bankruptcy. Does that indicate that this loan could be discharged?
No, it cannot be discharged....they would just be honoring the b
No, it cannot be discharged....they would just be honoring the bankruptcy stay.
It might be nice to want to stay at home but obviously you cannot afford to. Have you thought of finding a job and working evenings, weekends or overnights? Or taking in children and doing daycare. You gotta think outside the box. Your private loans will default and they will sue which could result in wage garnishments and bank account seizures. They will persue your parents income and any assets too.
Quote:Originally Posted by SOAPLADYNo, it cannot be discharged..
Quote:
Originally Posted by SOAPLADY No, it cannot be discharged....they would just be honoring the bankruptcy stay. It might be nice to want to stay at home but obviously you cannot afford to. Have you thought of finding a job and working evenings, weekends or overnights? Or taking in children and doing daycare. You gotta think outside the box. Your private loans will default and they will sue which could result in wage garnishments and bank account seizures. They will persue your parents income and any assets too. |
After reading up my loans could be discharged based on our current state of existence. It would place an "undue financial hardship" on our family. That's a loophole I wish our lawyer had pointed out the first time we filed. Now I have to find out if I can open an amendment to the original filing or if I have to file again.
Yes, I could work nights, weekends, whatever but I'd end up paying that back in daycare. It's insane around here. I've been there and done that. I literally ended up taking home about $10 at the end of the week after paying for day care.
Why cant your husband look after the kids while you work? that
Why cant your husband look after the kids while you work? that is why I suggested working off shifts while he is in school I am assuming primarily during the day. Maybe he needs to cut back on his school and work too.
No your loans could not be discharged on your "current state of existance"...student loans look to the next 10-20 and your income earning potential. They would will not discharge it for lifestyle choices such as choosing to be a stay at home mom or going to school. They would even argue that having kids is not an excuse for discharge either. The courts would tell you and your spouse to get jobs tag team daycare.
Plus it would have not be discharged for your parents.