Should I apply for student loans before I file for bankruptcy or after?

I want to go to graduate school. The reason is because I was laid off 2 years ago I feel that I need to add a professional degree to change career direction. I have been unemployed/under employed the last 3 years. In fact, a lot of our bills didn’t paid so they are in default. We have over $82,000 in debt. My wife has been getting student loans the past 2 years because she is getting her undergraduate degree. I think filing is inevitable unless my current situation changes dramatically.

Asked on July 4, 2013 under Bankruptcy Law, South Carolina


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Once you file for bankruptcy, it is incredibly unlikely that any will make you student loans--your credit history/rating will be close to rock bottom, for years, and anyone reviewing your credit will see the bankrupty.

On the other hand, bear in mind that while fully private student loans can be discharged in bankruptcy, a federally backed, guaranteed, etc. student loan cannot be--bankruptcy will not help you vs. those loans.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.