You may wonder if it’s really possible to get student loans discharged,
especially after hearing someone you know personally got theirs eliminated in
bankruptcy. If this is the case, you may want to review the possibility with a qualified
bankruptcy attorney in Dallas-Fort Worth. There may be some information
you might not know that could help you make loan payments affordable,
or you may actually qualify if you meet requirements set in the bankruptcy code.
Private student loans may have a better chance of qualifying for elimination
in bankruptcy if your situation fits into the standards of the bankruptcy
court. Some loans may be eliminated if they were for a school that doesn’t
have proper accreditation recognized at state or federal levels at the
time you attended. Usually, you have to prove making such payments would
create an undue hardship.
Another point to consider is understanding the type of student loans you
have and how it originated. Student loans are not created equal and they
must actually fit the definition of a student loan under the Internal
Revenue Code and Higher Education Act. While more borrowers want to pay
down their debt, many are wondering how else they can pay down their loans
with little or no money left over after paying essential expenses each month.
Many people may qualify to have their student loan debt discharged, but
don’t bother asking about it believing it is impossible to get discharged.
At least you can get a legal opinion on your loans and if they don’t
qualify for discharge, eliminating your other debts through
Chapter 7 bankruptcy or
Chapter 13 bankruptcy may still be something to consider in helping to increase your ability
to pay off your loans.