If I took out a parent loan for my son’s schooling but can’t pay it off, what can I do?

I filed Chapter 7 a few months after I took out a parent, plus a loan for my son. I filed about 3 1/2 years ago and he graduated school earlier this year. I currently do not have a job and have no source of income. I am unable to pay off the loan and am looking to get this loan forgiven. What is the process and is it likely?

Asked on October 9, 2014 under Bankruptcy Law, Nevada

Answers:

Anne Brady / Law Office of Anne Brady

Answered 6 years ago | Contributor

There are a few situations under which a student loan will be forgiven, but it does not appear that you fall under any of them.  A student loan can be forgiven in a bankruptcy if undue hardship can be proven, but it doesn not sound like that was the case at the time, and that is water under the bridge.  If you are disabled, it may be forgiven on that basis, but otherwise it is probably not worth your time to even try.


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