Elements of an Undue Hardship Petition
Student loan debt can take a massive toll on your financial security even many years after you have graduated from school. In fact, millions of post-graduates suffer from ever-increasing student loan debt. Under relatively recently passed laws, student loans cannot be discharged, or forgiven, by filing for bankruptcy, a process that allows many other types of debt to be dismissed or repaid. However, in extreme circumstances, a person struggling with student loan debt may be able to file an undue hardship petition, which is a statement that documents a debtor’s acknowledgement of a total inability to pay back student loans.
At the Russell Van Beustring P.C., we know that many people in Houston are struggling financially due to unpaid student loans. Getting an undue hardship petition approved can be very difficult, however, and may not always be possible. As such, exploring your options and having the guidance of a skilled bankruptcy attorney can be invaluable to addressing your financial problems.
Requirements of an Undue Hardship Petition
Undue hardship is meant to indicate that paying off a student loan would put an undue hardship on the person or family paying it back. In order to have a successful petition, a debtor must prove:
- Prolonged hardship
- Standard of living
- Good faith efforts
These standards require a person to show that they would essentially be unable to maintain a minimum standard of living and that they have attempted to the best of their ability to make whatever payments possible on the loan.
Discuss Undue Hardship Petitions with an Attorney in Houston
Seeking an undue hardship petition can be difficult, especially without the help of an experience lawyer. If you are facing burdensome debt, the experienced attorneys at the Russell Van Beustring P.C. can help you explore all your legal options, from filing for personal bankruptcy to debt negotiation. Call us today at 713-973-6650 to discuss how we can help.