The student loan crisis has spiralled into a more than $5 trillion problem for more than 44 million Americans, becoming one of the biggest consumer debt categories.
If you have outstanding student loan debt that you’re having difficulty repaying, here is an article on student loan bankruptcy discharge that you should read. It was originally authored by Julie Jason at the Ventura County Star.
Student Loan Bankruptcy Discharge is difficult, but it can be an option. Discharging student loan debt in bankruptcy can be an option in either a Chapter 7 or Chapter 13 personal bankruptcy. You will need an experienced bankruptcy attorney to guide you through this process.
Unfortunately, ‘undue hardship’ has not been specifically defined in the U.S. Bankruptcy Code. Instead the term was outlined in a New York state court case as a 3-part test of eligibility.
The larger issue, however, is that student loan bankruptcy discharge is rare because not enough borrowers file for it. The process may be difficult, but if you don’t pursue it, you can’t succeed. Just like the lottery, you gotta play to win!
Discharging a student loan through bankruptcy is not for amateurs filing a form found somewhere online.
But don’t try to go it alone. Discharging a student loan through bankruptcy is not for amateurs filing a form found somewhere online. If you want the best chance of eradicating your student loan debt, hire a professional.
