Can I Declare Student Loan Bankruptcy?

Depending on your financial situation bankruptcy may be the most logical approach to dealing with your debt and maybe even your student loans. Student loan bankruptcy is no different from Chapter 7 or Chapter 13 bankruptcy. In many cases, student loan debt can be discharged when you file for bankruptcy but it will require some additional steps to take.

Federal student loan debt and private student loan debt have different considerations when considering student loan bankruptcy.

More options are available for private student loan debt. A number of private student loans were originated for schools which were not on the federal school code list which left them unprotected from elimination in bankruptcy.

Other student loan companies like National Collegiate Student Loan Trust have tremendous difficulty proving the debt is valid and legally collectible.

One place to start looking for help with this is either here or click here to find a good local bankruptcy attorney and have a free discussion about what bankruptcy would mean for you. Bankruptcy is the fastest way to get a fresh start for the least amount of money.

You may need to file a secondary procedure with your bankruptcy called an Adversary Proceeding to obtain court recognition that your student loan debt is discharged.

For federal student loan debt you may have to prove undue financial hardship, which includes proving that repayment of your student loans will make it hard to maintain even a minimal standard of living, and that would continue if you were required to repay the loan. You would also have to prove that you previously made a good-faith effort to repay the loan in the past before you filed for bankruptcy.

Most people who file bankruptcy never even try to get their student loan debt discharged because they incorrectly believe nothing can be done to help. Of those who are successful, they are more likely to be unemployed, have medical hardships and more likely to have had a lower income in the year before they filed for bankruptcy. If it’s not successful for you, you may have to seek out some other kind of student loan assistance. It’s a lot of work, but it may be worth it in the end.

For more on how to deal with your student loans and success stories of others, click here.

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