Make no bones about it—it is very difficult—but not impossible to discharge those pesky student loans in bankruptcy. Only an expert attorney can properly assess your particular situation to determine whether you fit into the small window available to erase student loans in bankruptcy. Contact us now for a free bankruptcy evaluation and we’ll see what we can do to get you a fresh start! Don’t wait any longer – get your free bankruptcy consultation now!
Is a Student Loan Bankruptcy Possible?
Different formulas are used specifically to test for your personal dischargeability of student loans—the most common of which is the “Brunner Test.” Prior to 2005, the bankruptcy law allowed individuals to eliminate student loan debt much easier than it does now. The changes made to the bankruptcy code in 2005 placed restrictions on who can get rid of their student loans when they file for bankruptcy. Obviously, most people don’t file for bankruptcy based solely on student loans, but in some instances, the amount of debt they carry including student loans is crushing, and if they prove the right elements, they may qualify for a student loan bankruptcy. Only an expert bankruptcy attorney can properly evaluate your claim and see if a student loan bankruptcy is right for you!
One step most people contemplating bankruptcy fail to complete prior to their bankruptcy consultation is receiving a copy of their credit score and reports. Bankruptcy attorneys need a recent copy of your credit score and reports so that they can properly evaluate your potential need for bankruptcy. With student loans, it is important for a bankruptcy professional to review how your credit score has been impacted and how the loans are now being held (still with the original lender or a collection company) as well as what fees are attributed to your student loans. This is a necessary step that you must complete if you want meaningful advice on what to do.
Erasing Student Loan Debt Under the Brunner Test
The Brunner Test is a formula devised in the Federal case, Brunner v. New York State Higher Education Services Corp, where the debtor with the student loans shows the court that: 1. You are having trouble maintaining a minimal standard of living based on your current income and expenses if you are forced to repay your student loans you’re your current conditions exists, and 2., that these problems may persist for a long period of time; and 3. You made a good faith effort to repay the student loans while you could. We are happy to discuss with you the details of your case with a free consultation!
Under the Brunner test, if you can prove undue hardship, your student loans can be completely erased! Again, being approved for a student loan bankruptcy is not easy to prove, and most people cannot meet this burden of undue hardship, but only a qualified attorney can let you know what your chances are of having your student loans erased with a student loan bankruptcy. If you qualify for a discharge of your student loans by filing for bankruptcy, you can make sure that no one can ever come back and try to collect against you for these debts.
And once you file your student loan bankruptcy case, student loan bill collectors are automatically barred from contacting you any longer regarding them—buying you necessary time to work with a specialist who can erase those student loan debts or put you in touch with professionals who can help consolidate your defaulted loans! Our team of attorneys are experts and will provide you with the resources and tools necessary to determine your eligibility for a student loan bankruptcy under the bankruptcy code!
Chances of Student Loan Bankruptcy Success?
The only way we can tell if you may qualify for a student loan bankruptcy is if you contact us for a free evaluation. Every person’s situation is different and the changes to the bankruptcy code have made it very difficult to discharge your student loans. Erasing student loans is usually not the only reason a person files for bankruptcy, and our team is happy to discuss your overall plan for free in a confidential manner! Erasing other types of debt may help alleviate the serious burdens in your life as well.
What If I Cannot Prove Undue Hardship?
Don’t worry—if you cannot prove undue hardship, it is still possible to negotiate and make your student loan payments small and affordable. Chapter 13 bankruptcy is a process whereby the majority of your debts are erased, and the rest of the debts are “reorganized” so that you can make payments that you can afford based on your budget for a period of between three and five years. Once your plan is over, you can have another whack at trying to discharge the student loans based on hardship, and, because our team is comprised of experts with years of experience, we can utilize other methods to help erase or lower the payments on your student loans. Don’t feel alone—contact us right now for a 100% free attorney consultation!
Where Do I Go From Here?
Simple. Fill out the contact form on the side of this page and you will be instantly connected to one of our expert attorneys who will find out what your options are free of charge! Don’t waste any more time with student loan debt collectors harassing you ever day. Get proactive, contact us right now and we’ll do all we can to help make your life easier and get you a fresh start! Is student loan bankruptcy possible for you? There’s only one way to find out–connect with an expert bankruptcy attorney for a fast and free bankruptcy consultation today!