Student Loan Bankruptcy Exception. The US Bankruptcy Code at 11 USC 523(a)(8) provides an exception to bankruptcy discharge for education loans. This page provides a history of the legislative language in this section of the US Bankruptcy Code. Student loans were dischargeable in bankruptcy prior to 1976.
Prior to 1976, debtors could discharge all student loans in bankruptcy. However, that slowly changed with a series of amendments to preexisting bankruptcy law, making it harder to discharge student loans. As a result, as of 2013, debtors can only discharge education loans if they can prove that paying these loans.
The most likely scenarios under which a borrower might be able to obtain a bankruptcy discharge of his or her student loans include: The student loan was borrowed to pay for college costs at a school that is not eligible for Title IV federal student aid.
With that said, this Guide goes through the process of how to get a private student loan bankruptcy discharge anyway, talking about the differences between filing via Chapter 7 or Chapter 13, explaining exactly what an "undue hardship" is, and offering advice on how to improve the chances that your bankruptcy discharge application is approved.
Under the new tax law, people whose student loan debt is discharged due to disability will no longer be taxed on the discharged income, potentially saving them tens of thousands of dollars.
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Most debtors won’t be able to discharge (wipe out) student loan debt in Chapter 7 or Chapter 13 bankruptcy.However, if you can prove that repaying your student loans would cause an undue hardship to you, you can get rid of your student loans in bankruptcy.
The student loan debt crisis is looming larger than ever. According to a new report by the Department of. debt in one very significant way: It cannot be discharged via bankruptcy. Student debt,
The Bankruptcy Code replaced the preexisting Bankruptcy Act and limited the dischargeability of student loans. At first, the new law excluded student loans made by the government, colleges and universities from discharge; however, other student loans remained dischargeable as long as you were repaying for five years or they represented undue.
If student loan debt becomes dischargeable, lenders will be more cautious about who they make loans to. They won’t give loans to people with bad credit history or who plan on majoring in fields.
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