As per the experience of prominent Bankruptcy Lawyers in Tampa, it is difficult but not an impossible task to discharge the debts of student loans in the situation of bankruptcy. There have been many cases where students were able to deny their student loans in the condition of bankruptcy. Multiple legal options will help you in such a condition but it requires expertise and precise knowledge of your current financial and personal status to put a move towards discharging such loans. We at Galewski Law Group are one of the most experienced institutions working in this sector for several years. We keep in touch with the best bankruptcy attorney in Tampa who would be happy to help you with your case. We would love to help you with your case by putting our best efforts in place.
Can you file bankruptcy on student loans?
If someone files for bankruptcy, all the debts whether big or small have to be listed. So that means that the student loan will also be listed if there happens to be one. If the automatic stay is pending then the creditor of the student loan has no right to collect the loan. With chapter 7 bankruptcy, the time will be about 3 months and about 3 to 5 years with chapter 13 bankruptcy cases. The student loan creditor could still file the claim and will be eligible for pro-rata distribution if the funds are available. There are different ways of distribution in chapters 7 and 13 bankruptcy cases. It would be based on the liquidation of non-exempt assets with chapter 7 bankruptcies and with the same ongoing payment plan for the chapter 13 bankruptcy. Credit card bills and medicinal bills are certain to be discharged but with student loan debt, the court will have an in-depth examination about the hardship before it discharges the student loan. The best part about the chapter 13 bankruptcy in such a case would be that it will protect at least 5 years before you ultimately have to address the debt.
How to seek an undue hardship discharge of a student loan debt in bankruptcies
A bankruptcy attorney in Tampa or wherever you live will help you file the chapter 13 or 7 bankruptcy after closely understanding your situation. It is important to file a complaint of adversary proceeding when you are looking for discharging the student loan. If the proceeding fails, then there has to be tried to understand why the student loan debts should be discharged. The court has to ultimately decide whether all the loans or partial loans will be discharged.
Proving undue hardship for student loans
It is comparatively difficult to discharge student loans in comparison to discharging other kinds of debts. One will have to provide evidence of undue hardship due to the repayment of the student loans. To prove the credibility
· One is not subject to even the minimal standard of living if you have got a student loan.
· The situation remains stagnant as you continue to suffer in repaying the loan.
· You have tried every bit to repay the loan.
We at Galewski Law Group have the connection with the best bankruptcy in lawyers in Tampa who will be happy to assist you in fighting any similar case.
Original Source: https://bit.ly/35Igysp
Comments