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Student loan debt can follow you for many years, making it difficult to have money left over to pay other bills or save for the future. Unfortunately, student loans are typically not eligible for discharge in bankruptcy. There may be other ways that bankruptcy can help you, however.
To learn more, speak with a lawyer at Prescott & Pearson. Our firm has provided bankruptcy representation in Minnesota for more than 40 years. We have experience finding ways to help people regain control of their finances and get a fresh start. Please call 651-968-8096 or 888-366-0827 to schedule a free consultation. You can also e-mail us.
Will Bankruptcy Help?
Student loans are considered unsecured debt, but they are not dischargeable unless you meet the requirements for a hardship discharge. You must prove that repaying your student loans would cause an undue hardship as defined by federal law. It is extremely difficult to receive a hardship discharge unless you are permanently disabled or have another severe issue that prevents you from working or working to your full potential.
In the majority of cases, student loans will not be discharged in any chapter of bankruptcy. However, if your other debts are dischargeable or if they can be restructured into a repayment plan under Chapter 13, bankruptcy may be an option. By reducing your other obligations, you may be able to repay your student loans.
National Student Loan Data System (NSLDS)
You can contact the National Student Loan Data System (NSLDS) www.nslds.ed.gov to get a free breakdown of all of your outstanding student loans. Another source for help is www.ibrinfo.org. It gives helpful information about income based repayment options for your student loans.
Minneapolis Student Loans Attorney · Minnesota Bankruptcy Attorney
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Minneapolis-St. Paul Area: 651-968-8096
Minnesota Toll-Free: 888-366-0827
Please call us at one of the numbers above or contact us online to schedule a consultation.