Can You Get Student Loan Payments under Control through Bankruptcy? You borrowed a lot of money to get through college, with the hope that you'd have a well-paying job that allowed you to quickly repay those loans, only to find it difficult to either find a job or get one that pays you what you need. Unfortunately, you're not alone. Studies show … [Read more...]
The Hardship Discharge of Student Loans
Bankruptcy does not discharge (legally write-off) student loans "unless excepting such debt from discharge. . . would impose an undue hardship on the debtor and the debtor’s dependents. . . ." See Section 523(a)(8) of the U.S Bankrutpcy Code. That is, to discharge a student loan you and your lawyer would need to show … [Read more...]
Can Student Loans Be Written Off through Bankruptcy?
Unfortunately, it’s very difficult to write off a student loan in either a Chapter 7 or Chapter 13 bankruptcy case. Why? Because you have to prove “undue hardship.” Bankruptcy law excludes student loans from discharge (legal write-off) “unless excepting such debt from discharge. . . would impose an undue hardship on the debtor and the debtor’s … [Read more...]