' How Can I Erase My Student Loans with Bankruptcy?
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

How Can I Erase My Student Loans with Bankruptcy?

student loan bankruptcy reformSome people assume that filing for bankruptcy does nothing to help you with student loans. This isn’t always the case. Student loan bankruptcy reform over the years means you have options when it comes to managing overwhelming student loan debt.

But this doesn’t mean your student loan will automatically be discharged like other types of debts.

What should you know about student loan bankruptcy reform and how it helps you erase your student loans?

Understand Bankruptcy and Student Loan Debt

Bankruptcy is a legal process that might help you erase some or all of your debts.

Some types of student loan debt can be discharged in bankruptcy. However, there are certain things you need to know about bankruptcy and student loans before you decide if this is the right solution for you.

Check Your Eligibility

In order to file for bankruptcy and have your student loans discharged, you must meet certain eligibility requirements. Student loan bankruptcy reform has made it easier to qualify for bankruptcy when you have student loan debt, but it’s not treated the same as regular consumer debt like credit cards.

You must pass a means test to show that you cannot afford to repay your debts and that your student loan payments cause undue hardship.

Not all types of student loan debts are handled the same in bankruptcy. The age of the debt and the debt issuer both affect how it’s handled when you file.

Your bankruptcy attorney can help you determine where you fit into the bankruptcy hierarchy.

Choose Chapter 7 or Chapter 13

There are two common types of consumer bankruptcy: Chapter 7 and Chapter 13.

To have student loans discharged in bankruptcy, you must file a Chapter 7 petition. This type of petition allows you to liquidate your assets to pay off your debts. Once that’s done, your debts are discharged.

If you do not have enough assets to pay off your debts, you’ll need to file Chapter 13 instead. Chapter 13 allows you to reorganize your debts and repay them over time. This means you’ll be repaying your student loan, but it’ll be part of your overall Chapter 13 repayment plan.

Await Your Discharge

Once you file for bankruptcy, it can take several months for the discharge process to be completed. This is the case regardless of what type of debt was included in your bankruptcy.

Contact a Bankruptcy Attorney to Learn More about Student Loan Bankruptcy Reform

If you are struggling to repay your student loans, bankruptcy may be a solution worth considering. However, be sure to understand the consequences of bankruptcy and how it could impact your future credit prospects before making a decision.

Whether you’re wondering if student loan bankruptcy reform could mean new opportunities for you or you want to get started with the bankruptcy process, we can help. Contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Do I Find a Bankruptcy Attorney in Clearwater?

If you're facing financial hardships and are considering bankruptcy in Clearwater, finding the right attorney can be a critical decision....
Read More

Should I Sell My Home to Get Out of Debt?

Debt is a common modern problem. Whether it's credit cards, student loans, or medical bills, debt can cripple even the...
Read More

What to Ask a Bankruptcy Lawyer

What should you ask a bankruptcy lawyer? Financial problems can be incredibly stressful. One option that many people turn to...
Read More

Is It Easy to File for Bankruptcy?

Bankruptcy is a legal process that allows individuals and businesses to eliminate or reorganize their debts. It offers relief to...
Read More

How to Stay Motivated to Pay Off Debt

If you are struggling with debt, you are not alone. The average American has tens of thousands of dollars in...
Read More

Can I Fire My Bankruptcy Attorney?

Filing for bankruptcy can be overwhelming. Your bankruptcy attorney plays a crucial role in navigating you through the process. Unfortunately,...
Read More

Am I Responsible for My Parent’s Credit Card Debt?

As we grow older, our parents also age. Sometimes they become dependent on us in many ways. Even if they...
Read More

How to Hide from Debt Collectors

There are many ways to “hide” from debt collectors. You can ignore their calls, not answer your door, or ask...
Read More

Is Your Spouse Responsible for Credit Card Debt in Florida?

Debt can be overwhelming, especially when you're not sure who is responsible for it. That's why it's important to understand...
Read More

What Happens If You Ignore a Debt Collector?

Debt can be overwhelming. It’s easy to let bills pile up and miss payments, and before you know it, you...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions