Posted on June 1, 2010.
If I put all my student loans on a credit card, can I undo this by declaring bankruptcy? I currently have $ 45,000 in student loans, and I'm having trouble to repay. The loans are private (Sallie Mae) and I'm not elligible to consolidate federal loans through since I am not an American citizen. I was not able to obtain a visa if I had to leave the United States. I live in Europe now.
I understand that the declaration of bankruptcy would not forgive the loans to students, but I read that the bankruptcy could cancel the credit card debt. I have a good credit (790), then a bit of time with a credit score even higher, I may be able to transfer my loan to a small number of credit cards.
What are the laws regarding credit card debt and bankruptcy? What difference does it make that I am not an American citizen and do not live in the U.S.?
I would strongly advise you not to go that way. You will wear this mark against you for life. Talk to your creditors for loans to students and tell them that you do really difficult. Most will understand and help you come to a better understanding that is appropriate for you both. I was in a similar position to you and I worked on a solution with my creditors. Maybe you could talk to a financial advisor who can show you the various options. Good Luck.
First, you have taken and which is considered fraud.
