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Can Bankruptcy Help With Student Loans? Suffolk VA

https://www.DebtFreeVA.com | (757) 482-5705

Let's clear this up, because it’s a huge source of confusion.
The rumor is: "You can never get rid of student loans in bankruptcy." This is mostly true, but not 100% true.
Unlike a credit card, student loans are not automatically wiped out. To get them discharged, you have to prove to the court that paying them back would cause an "undue hardship."
This is a very high standard to meet. You have to file a separate lawsuit (called an adversary proceeding) inside your bankruptcy case. It's tough, and it's not a guarantee.
However, this is not the only way bankruptcy can help.
For clients with huge student loan payments, a Chapter 13 plan can be a lifesaver.
While Chapter 13 may not erase the student loan, it can give you breathing room. The plan can often lower your monthly payment to the student loan company for 3 to 5 years. This frees up money so you can pay your mortgage, your car loan, and your other living expenses.
It stops the collection calls. It gives you control.
So, while wiping out student loans is hard, bankruptcy can still be a powerful tool for managing them. It gives you a break and lets you get the rest of your financial life in order.
For More Information and a FREE Consultation please call (757) 482-5705 or visit us online at https://www.DebtFreeVA.com

Can Bankruptcy Help With Student Loans? Suffolk VA

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