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Discharging Student Loans in Bankruptcy


MYTH:You can not include your Student Loans in your bankruptcy discharge.


Fact: Yes you can!

Student loan lenders want you to believe that it is next to impossible to discharge your student loans in a bankruptcy. The next time a student loan lender, or collection agent for a student loan calls you, try telling them that you are going to file bankruptcy and see what their reaction is. True, the bankruptcy code does impose additional burdens on the debtor (person filing bankruptcy) to prove in order to have a student loans discharged, but IT IS NOT IMPOSSIBLE.


Under the bankruptcy code, a debtor must show that repayment of the student loans, over the course of the repayment period would cause an undue hardship on the debtor and the debtor's dependents. What this means, is that you must show that you and your family could not maintain even a minimal standard of living if you were forced to repay your student loans, that there is a certainty that your state of affairs will continue, and that you acted in good faith in dealing with your student loan creditors.


While this burden is high, it is still possible to show. We have helped clients rid themselves of student loan debt through their bankruptcy, and it could be possible for you. At the very least, if discharging your student loans in a bankruptcy is not possible for you, we have been able to help many people by offering advice on how to reduce or eliminate some student loan payments, principal and interest as well as offered guidance on how to utilize federal government programs for student loans.

Contact us today for a free consulatation on discharging your student loans in a bankruptcy.




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