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Are Student Loans Dischargeable In Bankruptcy?

Generally, student loans are not dischargeable in bankruptcy. There is a very narrow exception to this general rule. If repayment of the student loans would lead to "undue hardship" for the debtor then the loans might be dischargble. When determining whether there is undue hardship, the court will look at the debtor's past, present, and reasonably reliable future financial resources, the debtor's reasonable and necessary living expenses, and other relevant facts and circumstances. However, there have been very few cases where this standard has been met. Overall, student loans are unfortunately very difficult to discharge.

Despite the difficulty in discharging student loans in bankruptcy, a chapter 13 bankrupty may provide the opportunity to catch up on back student loan payments.

To discuss your financial situation and options in more detail, please contact us or use our online scheduler for a free consultation. You may also submit your information for review by a Minnesota bankruptcy attorney.

To learn more about taking the first steps toward filing bankruptcy, click the 'Next' button.


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