QUESTION
Is there a way to file bankruptcy and get out of my student loan as well?
Asked on Oct 19th, 2012 on Bankruptcy - Florida
More details to this question:
I’m getting divorced. I got stuck with the car and now in combination of the credit card debt I incurred for my lawyer the child support insurance school loan I can’t afford food. I know I can get the car and credit card taken care of but is there any circumstance where the school loans can be taken care of as well? I don’t have health insurance which I would like to have. I’m employed by my parents in an independent small business.
12 ANSWERS
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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No. Student loans are theoretically dischargeable under a "hardship" discharge. As a practical matter, they never are.
Answered on Oct 25th, 2012 at 7:22 PM
William C. Gosnell
No student loans are non dischargeable.
Answered on Oct 23rd, 2012 at 4:06 PM
Daniel James Wilson
Unfortunately most student loans are not dischargeable.
Answered on Oct 23rd, 2012 at 10:31 AM
Appellate Practice Attorney serving Cheyenne, WY
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Lynn Boak Attorney at Law
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Normally, student loans cannot be discharged in bankruptcy unless undue hardship can be shown. This is difficult to establish, and requires a showing of some catastrophic event that makes it impossible to pay them back, such as an accident, disability, etc.
Answered on Oct 19th, 2012 at 11:26 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Student loans are not dischargeable except in extraordinary circumstance. In NJ, you would not be able to.
Answered on Oct 19th, 2012 at 11:25 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Consult with a bankruptcy attorney about this. School loans are basically not dischargeable, but there are ways to get this done, very rare now, but it can be done. You have to file an adversarial proceeding and prove that paying the loans create an undue hardship, and other things.
Answered on Oct 19th, 2012 at 11:25 PM
You may apply to eliminate your responsibility for paying your student loans in bankruptcy if you are so seriously disabled that it is unlikely you would ever be able to pay these debts. I used to call this requirement the "wheelchair rule" but now, people in wheelchairs are able to work and that in and of itself does not meet the requirement to qualify for a discharge of a student loan. Since you are able to formulate and post a question, I would hope you are not in the position of someone who is eligible for a discharge of a student loan in bankruptcy. No one wants to be desperate to that level, even to eliminate student loans.
Answered on Oct 19th, 2012 at 11:24 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Oct 19th, 2012 at 11:23 PM
Sounds like it is time for your parents to step up to the plate and provide you some health insurance. The child support and student loan are non-dischargeable. If the credit card obligations are part of the divorce settlement (and considered spousal support), they may also be non-dischargeable. You should call an attorney to obtain legal advice regarding your specific situation.
Answered on Oct 19th, 2012 at 11:23 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Very unlikely. Student loans are not dischargeable. You can file bankruptcy and file a separate adversary proceeding in the Bankruptcy court asking that the student loan be discharged as a hardship. This is very expensive and difficult and it is doubtful you can reach the high burden of proof if you are of a younger age and healthy. Also you must prove you have been making your best efforts to pay on the student loan.
Answered on Oct 19th, 2012 at 11:22 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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-not generally; student loan debt is generally NON-DISCHARGEABLE
Answered on Oct 19th, 2012 at 11:21 PM
David John Tybor
It depends. Student loans may be dischargeable in a bankruptcy filing for hardship, but the hardship standard is pretty steep. I don't know your age and future income expectations so the question can not be determined without more facts. Most often, student loans are NOT dischargeable. However, there may be other student loan repayment opportunities depending on the type of loan and when it was it acquired. For example, if they are direct loans, or private loans, or parent plus loans. There are repayment options of IBR, and ICR, which are formulas based on different factors. One thing to keep in mind is that repayment options are pretty much contingent on the loans NOT being in default.
Answered on Oct 19th, 2012 at 11:21 PM