Private College Student Loan

Can you file bankruptcy on private student loans?

My husband and I have a large amount of debt due to student loans. However, only a couple of thousand are through the government. The rest are through private companies. If we were to file bankruptcy I know that the federal student loans would still have to be repaid. But what about the private student loans? Would those be charged off or would we still have to repay those as well?

Public Comments

1. Check your promissory note. Even though they are private loans, it still would depend.
2. Read the fine print on those loans, and you'll probably find that you gave up the right to file bankruptcy on them when you took them. People have tried to get around paying student loans for years. The private ones default to Government payment---and then they go after your salary, etc. You also won't be able to buy a home with a defaulted loan on your record. You could ask a lawyer, but they have been fighting this as long as student loans exist. Good luck.
3. Private student loans are not covered by bankruptcy