Many people resort to filing for bankruptcy to get back on their feet financially. However, filing for bankruptcy does not include discharging your student loans. It’s more difficult to get your student loans discharged during bankruptcy proceedings than it is to discharge other forms of debt, like credit card or medical debt. However, with a qualified bankruptcy attorney, you might be able to be free of your student loans. Below, learn about how bankruptcy impacts student loan debt. 

Qualifications for Getting Your Student Loans Discharged

Most people can’t get their student loans discharged during bankruptcy. In 1976, the government ruled that federal student loans couldn’t be discharged through bankruptcy except due to conditions of extreme hardship. Since 2005, this has applied to private student loans as well.

In order to prove you have extreme hardship, you’ll need to meet at least one of these criteria. First, you can prove you can’t repay your student loans while still maintaining a minimal standard of living for yourself and your dependents. This can often be proven by showing evidence of a physical or mental disability that causes you to have trouble finding work. Secondly, you should be able to prove that this financial hardship will last a long time, preferably for the life of the loan. Also, you should show that you’ve made attempts to repay the loan, preferably for at least five years.

How Your College Debt Impacts the Bankruptcy Process

If you choose to try to have your college debt discharged through the bankruptcy process, you’ll need to work with a reputable bankruptcy attorney. They can walk you through the complicated process and ensure you have all of the proof and documents you need before you’re brought in front of a judge.

Once you find a lawyer, they’ll help you file for either Chapter 7 or Chapter 13 bankruptcy. Your bankruptcy attorney will help you figure out the best type to file. Then, your lawyer will file an additional lawsuit called an adversary proceeding. They’ll file a written complaint outlining your case, and the judge will eventually determine your outcome. They may decide to completely or partially discharge your student loans or deny your claims.

If you need help filing for bankruptcy or discharging your student debt, turn to bankruptcy attorney C. Roland Krueger Attorney and Counselor at Law. He has nearly four decades of experience fighting for clients in Lexington, NC, and the surrounding areas. He has extensive experience in bankruptcy law and knows about the process of getting your debt discharged. Visit his website or call (336) 248-8464 to schedule a consultation today.