Can I Discharge Student Loans?

College Loans in Your Ohio Bankruptcy

One of the most common questions is whether student loans can be discharged in bankruptcy. In general, they cannot be forgiven unless you meet the extremely high standard of hardship.

The question is whether you are still a candidate for bankruptcy if you cannot eliminate your college loans. Experienced bankruptcy lawyer Eric Stamps can explore the bigger picture of your debts and finances to determine your debt relief options.

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Can I Discharge Student Loans in Bankruptcy?

Federally guaranteed student loans are nearly impossible to discharge. Even private student loans are no longer dischargeable under changes in the bankruptcy law. The only way that college loans can be forgiven is by proving that the debt creates an undue burden. The hardship standard is intentionally set very high so that few people qualify. It usually requires a catastrophic event that disables the debtor from working.

While you cannot escape student loans, Chapter 7 bankruptcy does discharge credit card debts, medical bills, utility bills, judgments and even certain taxes. If you took out large student loans but have no other debts, bankruptcy won't help. However, if you have substantial unsecured debts such as those listed above, bankruptcy may eliminate those debts and free up money to pay off your college loans.

Dayton Bankruptcy Lawyers

Stamps & Stamps, Attorneys at Law, offers a free initial consultation to answer your questions about bankruptcy. We serve the Dayton area and surrounding counties of Ohio. Call us at 937-410-0378 or 888-435-0085, or contact us online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.