QUESTION
Can a student loan more than 15 years old and payday loans be discharged in bankruptcy?
Asked on Jun 19th, 2013 on Bankruptcy - New Jersey
13 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Student loan no. Payday loans yes.
Answered on Jun 26th, 2013 at 8:02 AM
Student loans can no longer be discharged through bankruptcy, though it may be possible to discharge the payday loans depending on the specifics of your situation.
Answered on Jun 20th, 2013 at 2:38 PM
The student loan will not be dischargeable, no matter how old it is, but the payday loan definitely will.
Answered on Jun 20th, 2013 at 1:37 PM
Student loans can be eliminated in bankruptcy if you are able to prove that it is unlikely you will ever be able to work again. Typically, the court looks for a permanent disability in deciding in your favor. The age of the loan is unimportant. However, Payday loans typically can be eliminated in bankruptcy without any problems.
Answered on Jun 20th, 2013 at 12:41 PM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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Payday loans yes, student loans, it all depends on the facts.
Answered on Jun 20th, 2013 at 12:34 PM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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Generally, student loans are nondischargeable regardless of age. Payday loans will be discharged in bankruptcy as long as you did not incur them right before filing bankruptcy (and they fight for it).
Answered on Jun 20th, 2013 at 12:26 PM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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Depends on current status of student loans. Payday should be okay as long as they have not been turned over for criminal non payment prosecution.
Answered on Jun 20th, 2013 at 12:08 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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Payday loans can be discharged. Student loans cannot be discharged unless they would be an undue hardship on the debtor.
Answered on Jun 20th, 2013 at 11:56 AM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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The 15 years doesn't mean anything. Student loans can only be discharged by filing an action for hardship discharge. Nothing special about pay day loans. They are 100% dischargeable.
Answered on Jun 20th, 2013 at 10:21 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Probably not the student loan, but the payday loans should be dischargeable as long as they are not tied to any collateral.
Answered on Jun 20th, 2013 at 10:21 AM
Deborah F. Bowinski
Payday loans , yes. Student loans, probably not. Student loans are not generally dischargeable in bankruptcy without serious litigation and the ability to demonstrate to the court, through a trial, that requiring you to repay the loans would constitute an undue burden. That is a very difficult (and can be quite costly) thing to do.
Answered on Jun 20th, 2013 at 10:21 AM
Insurance Attorney serving Redlands, CA
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Orrock, Popka, Tucker & Dolen
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Payday loans, yes. Student loans, probably not. There are exceptions to these general guidelines, but most will be treated the same as described.
Answered on Jun 20th, 2013 at 9:33 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Payday loans yes, student loans no
Answered on Jun 20th, 2013 at 9:32 AM