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Can you declare bankruptcy for student loans?

Many people in Connecticut go to college with the hope that their investment pays off. unfortunately, you may find that circumstances conspire against you and prevent you from repaying your educational debt. Contrary to popular belief, bankruptcy could be an option in select cases to help you get out from under your student loans.

It is true that, in some cases, federal student loan debt is not eligible for discharge under Chapter 13 or Chapter 7 bankruptcy. However, you should look at your unique circumstances before you determine that you are unable to get relief for your student loans.

Bankruptcy courts determine whether to discharge your debts based on various factors. In some cases, courts would consider your earning potential, your assets and any previous filings that you made for bankruptcy. In the case of student loan debts, the criteria are often stricter.

As explained by the Federal Student Aid Office of the U.S. Department of Education, student loans could be forgiven if you proved that repaying them would impose an undue hardship on you and your family. This is a relative term, but there are some factors that are typically involved in the decision:

  • The effort you made to repay the loan in the past
  • Your standard of living if you have to make payments
  • The potential duration of any hardships you face from paying back your loan

During your attempt to obtain relief from your student loans, you could face opposition from your creditors. These lenders are often tenacious in their attempts to disprove claims of hardship. It is therefore often necessary to present the most complete and convincing case possible when attempting to discharge federal student loans.

Bankruptcy is a highly personal process, so please do not take advice from people who have not reviewed your case specifically. Similarly, please do not use this article to guide any legal decisions. It is only intended to promote your understanding of the topic.

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Contact my office to discuss your debt relief needs directly with me as your lawyer. I offer a free initial consultation to all new clients where you can learn more about your legal options and what I can do to help you. I am available during regular business hours and by appointment at other times. You can reach me by phone at 860-242-0574 and 860-952-3674 or via email.

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