Federal and private student loans are difficult but not impossible to discharge in bankruptcy. To successfully discharge the debt, you will need to show that repayment poses an undue hardship. Recent changes to the bankruptcy discharge process are designed to reduce the burden on federal student loan borrowers and make the process more consistent. This includes a review of the borrower’s past, present, and future financial circumstances, tapping Education Department data, and using a borrower-completed form to help the government assess the discharge request. Filing an adversary proceeding is necessary to discharge most private student loans and to discharge federal student loans. Alternatives to bankruptcy for federal student loans include applying for a federal income-driven repayment plan, enrolling in federal loan forgiveness programs, asking about deferment or forbearance options, or refinancing student loans.
Written by Attorney Lynn Bradley
Tucker Griffin Barnes P.C.
With four convenient offices located in Charlottesville, Palmyra, Harrisonburg, and Staunton, VA.
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