I was forced to go to a University close to my home because my father had passed away when I was 13.
I was expected to take out the maximum loan amount from Sallie Mae. Most of the money went into the house my Mother owned.
She had always promised that she would help me when I graduated but she hurt herself after I finished my Masters Degree and is now on Social Security.
Being in the position with my credit maxed out and and my mother now hurt I was required to help pay the bills because the Social Security did not cover our monthly bills.
How best would you describe me trying to try get some of the loans forgiven? Is there anything I can do to get some sort of loan forgiveness?
Well that sounds like a series of very unfortunate events based on a hopeful outcome. I’m not blaming you for decisions you made back then. It sounds as if you were being guided by your parent who you trusted. Your Mom made some really horrible choices though.
It sounds as if the loans were private student loans because you seem to have received the money directly and used the money for home needs.
If my assumptions are correct, then you may be able to get a substantial portion of the private student loans discharged in bankruptcy if you have a smart lawyer representing you.
I think you are located near New York so you might want to look at my list of student loan attorneys you should consider asking for assistance.
The reasons why the loans may not be protected from discharge is technical but this article by attorney Austin Smith on the list can help explain it a bit more.
In your search for help from your average bankruptcy attorney you may run into a lot of people who say there is no hope. Don’t give up. This is a quickly expanding area of expertise and most bankruptcy attorneys are just unfamiliar with what options really exist.
Your bankruptcy to discharge some or all of the loans may require an additional legal proceeding so be prepared to have to pay more for legal help than the average run of the mill bankruptcy.
Again, considering my private student loan assumption is correct, there really isn’t any forgiveness option for them. Your loan elimination options fall into a legal strategy of bankruptcy elimination or a strategic default strategy where you stop paying and hope to negotiate a settlement of the total amount due.
Those are really you most logical options.
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