Unlike most debts, student loans are very difficult to discharge (erase) through bankruptcy. However, in some rare cases, it is possible.
What You Need to Know:
- You must prove that repaying your student loans would cause “undue hardship” on you and your dependents.
- The process requires a separate legal proceeding called an “adversary proceeding.”
- Courts consider factors like your income, expenses, efforts to repay, and whether your hardship is likely to continue.
Realistically:
Most people do not qualify, but if you believe you meet the criteria, talk to a bankruptcy attorney who specializes in student loans.
Conclusion:
Bankruptcy is not a quick fix for student loan debt. Exhaust all other options first, and seek professional advice if you’re considering it.
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