Arctic Wolf
07-26-2004, 01:32 PM
I have about $200k in medical school loans, and I'm currently unemployed.
I'm single, and I have about $3k in the bank account. I live in a rented
apartment, but I own a car. The deferements on the loans are about to run
out very soon. If I declare bankruptcy, will I lose my car? Will declaring
bankruptcy clear me of my medical school loans? I'm licensed in NY.
K Kim
07-26-2004, 10:18 PM
What do you mean "medical school loands"? Are they student loans?
"Arctic Wolf" <SpamShield-ArcticWolf@mail.com-SpamShield> wrote in message news:<6TdNc.14620$iK.3282@newsread2.news.atl.earthlink.n et>... I have about $200k in medical school loans, and I'm currently unemployed. I'm single, and I have about $3k in the bank account. I live in a rented apartment, but I own a car. The deferements on the loans are about to run out very soon. If I declare bankruptcy, will I lose my car? Will declaring bankruptcy clear me of my medical school loans? I'm licensed in NY.
Nicholas Gebelt
07-30-2004, 06:51 PM
Student loans generally are NOT dischargeable in bankruptcy. See 11 U.S.C.
§ 523(a)(8). The only exception is in the case of "undue hardship" and that
is VERY hard to establish. A doctor will have an easier time walking on
water than getting his medical loans discharged.
"Arctic Wolf" <SpamShield-ArcticWolf@mail.com-SpamShield> wrote in message
news:6TdNc.14620$iK.3282@newsread2.news.atl.earthl ink.net... I have about $200k in medical school loans, and I'm currently unemployed. I'm single, and I have about $3k in the bank account. I live in a rented apartment, but I own a car. The deferements on the loans are about to run out very soon. If I declare bankruptcy, will I lose my car? Will declaring bankruptcy clear me of my medical school loans? I'm licensed in NY.
madtowndoc
10-01-2006, 06:55 PM
Regarding the idea of declaring bankruptcy to get out of student loans. I am in a situation where I am a surgical resident, reconsidering my decision to enter the medical field, and thinking of abandoning the past 5 years of hard work to restart in Business School. However, I have over $200,000 in debt, which would cost me about $1400 a month for the next 30 years, and my wife and I would be struggling to support ourselves even if my loans were to magically disappear. I am 26 right now, and don't want to end up miserable for the rest of my life, but with this debt hanging over me I'm very trapped...Does anyone have any useful advice?
cyjeff
10-01-2006, 07:02 PM
Unfortunately, no.
as stated in the above ancient post, student loans are not subject to a bankruptcy... especially under the new laws.
If you change careers now, you will be taking on the additional nut for the next 30 years.
Is there any chance you would stay a doctor?
