Articles Tagged with undue hardship

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I get rid of student loans by declaring bankruptcy?”

In the United States, the cost of higher education is ever increasing. If you combine that with the difficulty of obtaining a reasonably salaried job after graduation, it is no surprise that student loan debt plagues graduates long after they graduate. An estimate of student loan debt currently owed in the U.S. is over $1.4 trillion dollars. Individuals with student loan debt may eventually fall prey to financial hardships. If an individual is struggling to pay bills and make ends meet, he or she may consider filing for bankruptcy. Student loan debt is often one of the largest debts a person can try to discharge in bankruptcy. However, it is extremely difficult for student loan debt to be discharged. There are specific and limited circumstances in which student loan debt will be discharged in a bankruptcy proceeding.

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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.

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

Rapper Dee-1’s newly-released music video opens with a simple statement: “Student loan debt is out of control. In the U.S., over $1.2 trillion is owed in student loans.”