Student Loans And Bankruptcy

If you have questions about discharging student loans in bankruptcy, the experienced attorneys at The Rose Law Office are here for you. We provide knowledgeable bankruptcy law guidance to clients in Cincinnati and throughout surrounding Ohio communities.

Are Student Loans Dischargeable In Bankruptcy?

You've probably heard that student loans cannot be discharged in bankruptcy. Although it's true that student loans are seldom discharged in bankruptcy, it does not mean that bankruptcy cannot help those struggling with student loans.

Consider the following example: Jen graduates college with $50,000 in student loan debt and emerges into a tough job market. She incurs significant credit card debt while trying to find work. When she finally gets a good job in her chosen field, she is saddled with debt and unable to keep up with her student loan payments and credit card bills. Creditors are calling her every day with threats of wage garnishment and bank account levies. She simply can't keep up.

If Jen consulted with an experienced bankruptcy lawyer, she would learn that she has options.

Student Loans And Chapter 7 Bankruptcy

If you can relate to Jen's situation, Chapter 7 bankruptcy may be a viable means of helping you with your student loan debt problem. While bankruptcy will not eliminate student loan debt, by filing for Chapter 7 bankruptcy, you can eliminate unsecured debt, such as credit card bills and medical debt, allowing you to focus your debt payments entirely on your student loans.

Student Loans And Chapter 13 Bankruptcy

Another means of controlling student loan debt is filing for Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, debts are consolidated into a manageable payment plan that lasts from three to five years. This means that you will have time to catch up with your student loan debt and other types of debt. Chapter 13, like Chapter 7, also stops creditors from taking legal actions against you.

Contact Our Bankruptcy Attorneys

If you have questions regarding student loans and bankruptcy, The Rose Law Office can help you. Contact us today online or by telephone at 513-729-7196 to arrange a consultation with an experienced student loans bankruptcy attorney.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.