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Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I get rid of student loans by declaring bankruptcy?”
A single mother with two young boys was only briefly able to imagine a future free of her crushing debt burden. Against all odds, the woman won her case before a bankruptcy court in Alabama. This victory, though short-lived, was a big accomplishment given how skeptical bankruptcy courts are when it comes to granting relief for student loan debt. Sadly, the educational lender appealed the decision and a district court reversed, meaning the single mother will again assume responsibility for her six figures in educational debt.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get rid of student loans by declaring bankruptcy?”
So often in life we limit what we can achieve by self-limiting the possibilities of what we might achieve. The same may be true in a bankruptcy. If a person limits the range of debts one seeks to discharge in a bankruptcy, one may sell oneself short.
The blame isn’t entirely on the individual. Society plays its part. We are told the rules, told what to expect and told what is expected of us. But what happens if what we are told is wrong? So often in bankruptcy—as in life—we should live by the rule of “Buyer Beware.” We should educate ourselves on our options and choose for ourselves the best course in light of our circumstances.
No one is buying anything in bankruptcy, unless purchasing the discharge of debts and, potentially, a new lease on life, is seen as something for which one is willing to pay. No one says going through bankruptcy is easy, but there is an end to it, and whatever leads people into bankruptcy may be worse.
One common elephant in the bankruptcy room is student-loan debt. It weighs heavy because most people believe it is not dischargeable in bankruptcy. Perhaps that is why just .1 percent of consumers with student loans try to seek their discharge through bankruptcy proceedings. This may be a case in which the 99.9 percent are truly to blame.