What happens to student loans in bankruptcy?
With student loan debt soaring to a record $1.6 trillion total, many Americans with college degrees are left with large debts that they struggle to pay back. When other financial troubles arrive, turning to bankruptcy may be the only option. Many people in this situation may wonder whether the burden of student loan debt could […]
Student loans and undue hardships
Have you heard that it’s impossible to discharge student loans in bankruptcy? This is a very common myth. Though it can be difficult and it is not a viable option for everyone, it is not impossible. The key is to show that the student loans are more than just debt you don’t want to pay […]
Can you ever discharge student loans in bankruptcy?
Bankruptcy generally helps anyone who has unsecured debts. Specifically, in the case of Chapter 7 bankruptcies, individuals use this method to have debts from credit cards, mortgages or other financial institutions dismissed. However, student loans and taxes are secured debts, making them hard to get rid of. In most cases, you can’t get rid of […]
The effects of bankruptcy on student loans
When facing serious financial problems, bankruptcy may seem like your best option. But will filing for bankruptcy provide any relief from your student loan debt? In Wisconsin, as in other states, student loan debt is extremely difficult to discharge through bankruptcy. However, there are options that will help alleviate some of the stress of dealing […]
When for-profit schools close: what happens to student loans?
ITT Tech is the most recent example of the many for-profit schools that are closing for good. These educational institutions often leave their students hanging with incomplete degrees and substantial student loan debt. If you or your child has been affected by a for-profit school closing, you may be wondering what to do about your […]
Bankruptcy and student loans: Two benefits
Whether struggling to make mortgage payments, pay off student loans or dealing with credit card debt, bankruptcy can be a helpful tool to help regain your financial footing. Many may be surprised to find student loans on that list, but bankruptcy can help those who struggle to pay off education debts. Two common benefits include: […]
When are student loans eligible for bankruptcy? Two options
Taking time to pursue higher levels of education is supposed to set you up for future financial success. It is supposed to set you up for a better, higher paying job than your peers that choose not to go to college, law school, medical school or receive other post secondary training. In theory, all these […]