Student Loan Debt and Your Rights
The cost of higher education in the United States is spiraling out of control, requiring more and more students to take out loans in order to pay for college. Simultaneously, serious slowdowns in the economy have resulted in high unemployment rates and a difficult job market, leaving many graduates unable to pay their loan debt after they graduate. Unfortunately, student loan debt is non-dischargeable in most circumstances, even in bankruptcy proceedings. However, you do have certain rights that can help you get your debt under control.
If you have significant student loan debt, an experienced legal professional may be able to help you find ways to manage it. Contact the Houston bankruptcy lawyers at the Law Office of Russell Van Beustring today at 713-973-6650 to discuss the details of your situation with a qualified member of our legal team and learn more about your rights and options under the law.
Bankruptcy and Student Loan Debt
As a general rule, Chapter 7 bankruptcy cannot erase student loans, with the following exceptions:
- The debt may be discharged if it is not “insured or guaranteed by a governmental unit”, and not “made under any program funded in whole or in part by a governmental unit or nonprofit institution.”;
- Repaying the debt will “impose an undue hardship on debtor and the debtor’s dependents.”
These exceptions may be difficult to prove without the assistance and expertise of a knowledgeable attorney.
If you are struggling to manage the burden of your student loan debt, the experienced Houston bankruptcy attorneys at the Law Office of Russell Van Beustring may be able to assist you. Call today at 713-973-6650 to learn more about what you can do to return to the road to financial freedom.