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Can I Discharge my Student Loans in Bankruptcy?

Although it is difficult to discharge student debt outright through the bankruptcy process, bankruptcy can significantly help countless Americans regain a stable financial footing due to overwhelming debt generally.

In essence, it is possible to file for bankruptcy in order to address other significant debts. This financial shift then makes it increasingly possible to pay one's student loan payments while remaining financially stable generally.

When Can Student Loan Debt Be Discharged Outright?

In general, student loan debt can only be discharged outright by a bankruptcy filing when the debt causes "undue hardship." Anyone who is feeling buried under student loan debt can understandably react to this reality with the thought, "OF COURSE this debt is causing me undue hardship!"

However, undue hardship is a legal standard and is almost impossible to meet. Many cases of undue hardship involve terminal illnesses and other truly extreme circumstances.

How Can Bankruptcy Help When Student Debt Discharge Options are Unavailable?

Thankfully, if a student loan recipient has other significant debts such as credit card debts and medical debts, bankruptcy can still be quite helpful to regaining financial stability. When your overall debt load is decreased, it can make it increasingly possible to meet your student loan debt burden.

It is important to understand that the bankruptcy process is surprisingly complex. Several bankruptcy options are available and some are more beneficial than others depending on one's specific financial situation. In addition, the paperwork required and documentation challenges make it uniquely difficult for anyone to file for bankruptcy alone. Therefore, if you are thinking that filing for bankruptcy may be the healthiest option for you, it is important to consider reaching out to an experienced bankruptcy attorney for assistance.

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Dunlap & Seeger, P.A.
30 3rd Street SE
Rochester, MN 55904

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