Student Loan Bankruptcy Attorney Columbus Ohio
Surely you have heard somewhere that you cannot find relief from your student loan debt in bankruptcy. This is only partially true. Yes, it is not an automatic discharge of debt like credit card debt may be, but you may be able to find relief. Under the US Bankruptcy Code section 523(a)(8) the regulations are clear: student loans are exempted from forgiveness, or discharge, in bankruptcy unless they pose an undue hardship. In order to qualify for student loan forgiveness, the Brunner standard is often used.
Through this standard, your circumstances must demonstrate that the following are true:
- Repaying your student loans will result in you being unable to uphold a minimal standard of living.
- The circumstances that resulted in you not being able to afford your loans will likely continue throughout the term of your repayment.
- You have put forth the effort to repay your loans.
If you are able to show that the above factors are true, you may be able to discharge some or all of your student loans.
OTHER DEBT RELIEF OPTIONS
If you are unable to discharge your student loans, there are other ways we can help. Oftentimes, we are able to lengthen the deferment period for up to five years in order for you to get back on your feet and in a position to make payments. Another option is to negotiate with your loan company to reduce your monthly payment. In doing so, the length of repayment may increase, but your payments could be an affordable amount based on your current income.
There are several options of relief from student loans, so do not think you are out of luck. Let us help you find relief and get you back on your feet. We offer free and confidential case evaluations to get started. Call now and see what we can do for you!