Is it Possible to Have My Student Loans Discharged in Bankruptcy?
The fact that other loans and debts can be discharged in bankruptcy makes many college students wonder if they can have their student loans discharged in bankruptcy. A fair amount of college students are struggling after college to find a job and pay for rent, let alone pay for high student loan debts each month. Some former students claim their student loan payments are higher than their rent. Balancing all of these expenses at once can bring a person on the verge of bankruptcy. Be sure to contact a Nevada bankruptcy lawyer if you have questions about this.
Can Student Loans Be Discharged?
The first question you want to be answered is, can student loans be discharged? In reality, the answer can depend on who you ask. Some people will say student loans cannot be discharged with bankruptcy and others say judges are often lenient about discharging student loans. There are some former students who claim that student loan discharge is not uncommon.
The trick with having student loans discharged is meeting the technical requirements, having the right circumstances, and demonstrating your inability to pay off your student loans in your current financial situation. Your financial situation will need to be dire and you will need to find a way to prove this to the judge. Otherwise, you may not be able to seek debt relief through discharge.
This is where a bankruptcy lawyer might be able to help you. An experienced bankruptcy attorney can investigate your situation, figure out your chances of receiving a discharge, and collect the evidence needed to prove your need for student loan discharge. There are certain steps you will need to take in this process.
How Do I Have My Student Loans Discharged?
The steps for discharging student loans involve determining your eligibility, proving your eligibility, and arguing your case in court in front of a judge. Your eligibility for student loan discharge depends on your financial circumstances. For a discharge of student loans, you can file chapter 7 or 13 bankruptcy, but to do this, you must prove that paying off the rest of your student loans would put you under undue hardship.
Undue hardship means that paying off the loan would make it impossible for you to maintain a minimal standard of living, your hardship will last a long time, and you did make efforts to pay off the loan before to no avail. Even if you convince a judge to discharge your student loan, you must be aware that your loan may only be partially discharged. That is, you may have your loan reduced, but you still have to pay the rest.
Contact a Las Vegas Bankruptcy Lawyer
Proving undue hardship with student loans is harder than most cases of bankruptcy and discharge. This is when one of our Las Vegas bankruptcy attorneys can help you fight for your rights to discharge when your financial situation is dire. You can contact the Aaron Law Group at (702) 550-1111 for a free consultation today. Our law offices are located in Las Vegas, Nevada.