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Will Filing For Bankruptcy Affect My Ability To Get Student Loans?


No, it will not. When you file for bankruptcy (whether it is a St. Louis Chapter 7 or a St. Louis Chapter 13), any student loans that you have cannot be discharged (other examples of non-dischargeable debts would include taxes and child support obligations). So even though you may get all your other unsecured debts knocked out, the student loans will still be there (and you will at some point thereafter have to work out some sort of payment play with the student loan companies).

But the act of filing for bankruptcy does not in and of itself negatively affect your existing student loans. The government will continue to honor their loan, and you can still go to school. And in the future, if you wish to take out more student loans, you can do so.

Specifically, when you file a Missouri Chapter 7, the student loan debts will need to be listed in your schedules. But when you receive your discharge (of things like credit cards, medical bills, payday loans, etc.), the student loan companies will expect you to start paying on their debt immediately.

When you file a Missouri Chapter 13, the student loans will receive some kind of payment during the course of your plan. Depending upon what type of guarantee you have to make to the unsecured creditors, your student loans may get paid a great deal, or hardly at all. Either way, at the end of your Chapter 13 (three to five years later), if there is a balance left on your student loans, you will at that point need to make arrangements with the government to begin repaying them.

If you have questions or concerns related to this issue, please contact the St. Louis bankruptcy lawyers at The Bankruptcy Company. Our staff is eager to help you, and all phone and office consultations are free of charge.

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