Loans after bankruptcy

Hi, I'm new to the forum.

Will I be able to apply for a medical school loan after I have filed for bankruptcy? Does bankruptcy make me ineligible for med school loans? If I can't get a loan to go to med school, I guess I can't go :( . Any ideas or suggestions as to what to do will be appreciated.

(I had a very serious illness for almost 2 years that has almost wiped us clean $$$$-wise)

It depends on the type of school loans...most education loans are guaranteed by the government in some way; so generally, your bankruptcy should not effect your eligibility for student loans.

However, you need to prioritize a bit here...I understand your concern about your future ability to borrow money...but if you're already swimming in a mountain of debt, that does not do any wonders for your credit rating as is. Your main concern is to come-up with a plan to pay off your existing debt, if you really have no way to do it...then BK may be your only option. High medical bills is one of the primary reasons people file BK.

Good luck with getting into med school.

As HHM mentioned, filing bk doesn't exclude you from getting student loans. Check out FinAid's website for an excellent discussion about getting student loans after filing bankruptcy - http://www.finaid.org/questions/bankruptcy.phtml

And also as HHM mentioned, be careful about burying yourself in more debt than you can manage. You wouldn't be the first student here who found themselves in serious financial trouble after loaning more than they could repay after school was over. And student loans are not dischargeable in bankruptcy either. Work out your budget carefully so you know what you can afford.

So glad your health problems are better and hope your dream of medical school will become a reality! Keep us posted on what you decide to do, ok?

Hi, thanks for the replies...

BK is the last thing I want to do. I am trying to talk my husband out of doing it. I think it is a bad idea for us. Presently, I have at least persuaded him to sell the house and get a much smaller one.

I think it is radical decision for a situation I believe we can fix. I don't have any debt myself. I have never taken out any staudent loans, never borrowed any money, never bounced a check, don't buy any clothes, go to salons, get manicures, etc. I've always been frugal with my money.

If possible, I would like to prevent BK. At present my husband is self employed. I think it was ok at first but I don't believe in losing everything just to make the business work. I'm just not one of thsoe people. He told me if we have to file BK and it effects medical school then "I guess you can't go." I will start work in December fulltime and school full time. I already have a list of where every penny will go (I've always done that with my paychecks).

I just believe this is a temporary problem we can fix and BK lasts for 7-10 years.

I am busy studying and I will let you know how this goes. It is driving me mad in the meantime.:unsure:

Is it possible that one spouse files for BK w/o including the other in it? I believe I have come across something like that.

Hi, thanks for the replies...

BK is the last thing I want to do. I am trying to talk my husband out of doing it. I think it is a bad idea for us. Presently, I have at least persuaded him to sell the house and get a much smaller one.

I think it is radical decision for a situation I believe we can fix. I don't have any debt myself. I have never taken out any staudent loans, never borrowed any money, never bounced a check, don't buy any clothes, go to salons, get manicures, etc. I've always been frugal with my money.

If possible, I would like to prevent BK. At present my husband is self employed. I think it was ok at first but I don't believe in losing everything just to make the business work. I'm just not one of thsoe people. He told me if we have to file BK and it effects medical school then "I guess you can't go." I will start work in December fulltime and school full time. I already have a list of where every penny will go (I've always done that with my paychecks).

I just believe this is a temporary problem we can fix and BK lasts for 7-10 years.

I am busy studying and I will let you know how this goes. It is driving me mad in the meantime.:unsure:

since you stated you havenot borrowed, or if you are current on student loans, then yes you would be able to get some type of guaranteed loan...
as long as you stay current after your school, you can continue to get loans for school, BK will not effect that as long as you remain current on your loan, and not go into loan default.

Is it possible that one spouse files for BK w/o including the other in it? I believe I have come across something like that.

yes it is possible, but any attorney will highly recommend both file BK jointly
so to protect both from creditors...