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can I send my kid to school if I file bankruptcy?

Submitted by on Wed, 04/06/2011 - 02:40
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Me and husband are thinking to file Chapter 13 bankruptcy as we can't afford to pay off the debts. My question can I still send my daughter to the private school? Actually my daughter is about to enter college. Can I qualify for an educational loan for her? Please help.


How are you going to afford it? You will not be able to qualify for Federal Plus Loans or private aid...they are credit based. She will have to take out her own financial aid. That would be a max of $6k in loans and up to around $4k in pell grants if your income qualifies.

Why private schools?? They really offer no better education that public or state schools. Better yet, send her to a community college for the first year to get the basic courses out of the way and then transfer in to a 4 year college. That can result in huge savings.


Submitted by SOAPLADY on Wed, 04/06/2011 - 03:57

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There are many, many reported decisions across this Country dealing with this issue. Each states that, while footing the bill for your child's education is commendable, depending upon the facts of each particular case, you cannot do so at the expense of your creditors. The courts look at such factors as private vs. public (state) schools, the contribution to the cost by the child, the debtor's overall lifestyle etc. Allowing the tuition/room and board payments as a diversion of income, that should otherwise be paid to your creditors, depends upon the facts of each case. You need to discuss this matter with an attorney in your area.

Des.


Submitted by despritfreya on Wed, 04/06/2011 - 05:01

despritfreya

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Quote:

You may send your daughter to a private school. But as you'll be filing Chapter 13 bankruptcy, you won't be able to qualify for an educational loan now. After the bankruptcy filing is discharged, you may have to wait for around a year in order to get an educational loan for your daughter.


Nope ...they wont qualify for either until the BK drops off....student loans are unsecured...they do NOT take the risk.


Submitted by SOAPLADY on Wed, 04/06/2011 - 14:33

SOAPLADY

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