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Bankruptcy and Student Loans
T. Houser
Many people are under the impression that bankruptcy and student
loans go together. When faced with outrageous prices for
education it would seem that it would be an answer to many
seeking relief. However, they do not mix and it is extremely
difficult to have them discharged in a bankruptcy court.
Interestingly, in the 1970's it became common practice for
someone to attend school and then file bankruptcy and student
loans would disappear. It was a sure way to get a free
education. Of course, as these cases grew, the government
decided to limit the availability of this option. It became
increasingly difficult to file for bankruptcy right after
school. The common practice was now to wait at least seven years
so the loan would be old. In order to file a person simply had
to show that they had made their first payment seven years prior
and that the loan was causing undue hardship. It was easy to
prove the benefits of filing for bankruptcy.
In October 1998, the issue of bankruptcy and student loans again
came to the forefront. The court ruled that such a case could
not be filed and discharged unless three criteria were met. A
person could not open a case unless they met this criterion. The
first of these criteria is that you must prove to the court that
you cannot keep up with your payment schedule. The second
criterion is that you must prove to the court is that you are
unable to pay in the future and that your financial situation is
permanent. The third and final criterion is that you have made a
good-faith effort to pay them back. If and only if you meet all
of these criterions, may you open and file a bankruptcy and
student loans case.
Even if you meet all of the requirements for opening a
bankruptcy and student loans case, there is no guarantee that
your loans will be discharged. It will depend on the judge that
is hearing your case. Some judges will discharge some of the
loans and leave you to pay part of them. Some judges will hear
your case and will not discharge any of your loans. Once in
awhile, a judge will take your particular case under advisement
and discharge everything. This is extremely rare, but it is
possible. It is not easy work to get a bankruptcy and student
loans case discharged!
When you pursue your education, act responsibly and think before
you apply for a student loan. Without foresight into your
future, you could find yourself filing a bankruptcy and student
loans case and damage the very future you have been working so
hard to achieve.
About the author:
All things Bankruptcy including
Marketing and
Issues. by T.D. Houser
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