Bankruptcy – Student loan forgiveness
You can potentially have your student loan discharged by filing an “adversary proceeding” wherein you are asking the bankruptcy court to find that repayment would impose an undue hardship on you and your dependents.
The Department of Education has provided guidelines on prequalifying factors that are considered in adversary actions, making the possibility of obtaining student loan relief a more streamlined process. To be eligible, you must file for bankruptcy and demonstrate to the bankruptcy court that repaying your loan would cause undue hardship.
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The court considers:
If the court determines you’re eligible, it may include the following terms in its discharge order:
BEFORE COMMITTING TO BANKRUPTCY, Nater Law Firm, PLLC can assess your circumstances and provide you with a clear and concise opinion on the likelihood of your student loans being fully or partially discharged. Additionally, you can gain insight into potential new terms that may apply.
If you want to initiate the process to determine your eligibility for student loan cancellation/forgiveness, give us a call. During the initial consultation, we will explain the process to determine your eligibility for student loan cancellation/forgiveness. If you do not qualify for student loan cancellation/forgiveness, you are not required to file for bankruptcy as the initial evaluation is done prefiling.
Once you receive the report of your options, if you are eligible for student loan cancelation/forgiveness, attorney Fanny Nater will walk you through the next steps. This allows you to make an informed and knowledgeable decision.
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