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Burdened by Student Debt?

November 10, 2012

Have you recently graduated from college or graduate school with thousands of dollars in personal debt? You’re not alone. While personal bankruptcy may not be a direct solution to your school-related financial problems, it may be more help than you might first think.


Technically, Section 523 (a)(8) of the Bankruptcy Code permits debtors to discharge student loans if that debt would impose an undue hardship on the debtor and the debtor’s dependents. However, bankruptcy courts interpret the phrase “undue hardship” narrowly. In lay terms, undue hardship means that the bankruptcy judge should be weeping over the dire straights that the former student now finds himself as a result of the education debt. Absent pretty extreme circumstances, the debtor will not meet the undue hardship requirement, and in turn, the court will not discharge the student debt.


The high bar associated with the discharge of student debt is the bad news. The good news is that personal bankruptcy can clear out a lot of other types of debt, leaving you with a more manageable overall debt load, even if student debt remains. If you have indebtedness in the form of car loans, a second mortgage, or high interest credit card bills, Chapter 7 or Chapter 13 bankruptcy may be the right way forward.


Ready to find out whether personal bankruptcy is right for you and your family? The professionals at the law firm of Fears Nachawati may be able to help you. With years of experience taking debtors through out-of-court settlements, liquidation, and restructuring, we know how to guide you during these difficult times. Talk to our professionals today to learn what tactics we can use to help you.


Use the form below to send us a note, call us at 214.890.0711 or chat with us live. We are eager to help with your legal needs. Please keep in mind that any unsolicited information sent through our website cannot be treated as confidential. Contacting us through this site does not create a representation relationship with Fears Nachawati.

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