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Default on Private Student loans

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jmiller
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Default on Private Student loans

I am wondering if anyone can help me.

I am happily married to my husband with a new baby. We live in Pa. I had to leave work early last year due to complications with the pregnancy and since then resigned. I am a homemaker now and my husband the bread winner. I am thinking of claiming bankruptcy to get my credit card debt (28K) under control because we have no way to repay right now. I know that it is extremely hard to get your student loans removed during bankruptcy. My questions is I have 67k in PRIVATE student loan debt, i am wondering what they can do if I stop paying my loans right now close to 650 a month... we are currently renting... my husband does own his car but we have a loan with up to date payments on mine. we are thinking of buying a house after this hole mess but soley on his credit. So I have no property, my credit score will already be **bleep** because of the bankruptcy... what else can happen?  thank you for any help

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SCF
Valued Contributor

Re: Default on Private Student loans

They may be able to garnish your husband's wages if his name is on any of the loans as a co-signer for the debt.  I'm not sure if living in a community property state might also impact if they can go after your husband's wages/assets.  If you are considering bankruptcy, I would discuss the whole thing with your attorney, since they'll have the information and know your state laws.

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