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Student Loans and Bankruptcy Archives

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 student loans in bankruptcy. Here are three facts about student loans and bankruptcy you need to know. 

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 school loans. Are you still on the hook for the debt?

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.