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Articles Tagged with distressed borrowers

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get rid of student loans by declaring bankruptcy?”


The Obama Administration unveiled on Tuesday what it dubbed a “Student Aid Bill of Rights.” Among the proposals the administration is considering is a push for legislation that could enable borrowers to discharge student-loan debt through personal bankruptcy.

President Obama meeting Charlotte Bankruptcy Lawyer North Carolina Student Debt AttorneyCurrently student-loan debt can be discharged in bankruptcy, it’s just really hard to do.

According to the Wall Street Journal, at least 713 people tried to discharge their student-loan debt last year. The Journal knows that because in order to discharge student-loan debt, a debtor has to file a lawsuit. Lawyers taking on a student-loan discharge attempts “typically charge several thousands [of] dollars” up front for an uncertain result, according to the Journal.

In order to succeed at getting student-loan debt discharged, a lawyer must convince a judge that the debtor will never be able to afford one’s monthly payments. Bankruptcy lawyers told the Journal that bankruptcy judges have issued a wide range of rulings in student-loan debt discharge actions, muddying the legal landscape with uncertainty.

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