Can I Discharge a Private Student Loan in Bankruptcy?
The cost of higher education has been on the rise for decades, and many students find themselves in a financial bind when it comes to paying off their loans. For those with private student loans, bankruptcy might seem like an attractive option to get out of debt quickly. But can you actually discharge a private student loan in bankruptcy?
The truth is that there are certain criteria that must be met for a private student loan to be discharged in bankruptcy. In order for the court to consider discharging the loan, it must be proven that repaying the loan would cause an “undue hardship” on the debtor. This generally means proving that you would not be able to maintain your standard of living if you were expected to pay back your student loan debt. It is important to note that this process can take years and requires extensive documentation and evidence from both sides.
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