Attorney Answers San Diego County Bankruptcy QuestionI am about to default on my educational loans and would like to know what problems this will cause and how I may avoid them. Can I file for bankruptcy? I live in San Diego, CA. I live in San Diego, CA. I have 2 major student loans totaling around 180k. These loans have been deferred and forbeared for over a decade as I've been trying to build my business enough to pay them. They have also been transferred several times. The larger of the 2 totals around 140k and is through American Education services. The smaller has been recently transferred to Citizens bank. I was paying on the smaller one for a while until the larger once again came due and they denied any further deferment. I care for my grandparents almost full time and work to eat and pay bills. what are my options? Should I file for bankruptcy?
Attorney's Response to Bankruptcy Question from San Diego CountyIf you think you are going to default, you should consider bankruptcy. Either way, it's going to trash your credit rating, but a bankruptcy will restructure you debts so you can get a fresh start, whereas a default will leave you still owing the money; you could be sued, you could have your income garnished (part of it taken), any assets, like a car or home, "attached" (which also means taken), etc. A judgment against you could also hang over your head for years, and if you ever do have assets or a larger income, the judgment could be used to get a piece of it. You should consult with a good bankruptcy attorney in San Diego to discuss your options, someone with whom you can share all details in confidence. One thing you'll need to discuss is whether or not these loans can be discharged (cleared) in bankruptcy--some student loans cannot be. If the loans cannot be discharged, then you may need to simply default on them, but that is a last resort. Before doing that, you could try to negotiate some reduction or payment plan that you could support. Again, a good bankruptcy lawyer in San Diego county can help you do this.
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