Individual dealing with student loans are often advised to seek various alternatives for paying off loans. Since these kinds of debts can be quite difficult to discharge in bankruptcy, it is often advised to those struggling with student loan bankruptcy to seek other means to pay off their debts.
However it is possible to discharge student loans with bankruptcy process. But one thing that you clearly need to know is that this is complex process. This is largely dependant on your financial condition and you can talk to a bankruptcy attorney for help. With student loans becoming a growing problem, courts are reluctant to discharge debts unless the situation goes too critical.
Bankruptcy and discharging student loan
You must possess three basic requirements for discharging students load via bankruptcy. You have to meet all these three requirements to a judge’s satisfaction. To simplify the phrase ‘judge satisfaction’ we can say it depends largely on the conditions of your particular case. Here is the description of these requirements that you need to qualify for the bankruptcy petition.
You are leading a poor life that in turn may be determined by the national poverty level, or the judge in your case can specify to some other form of evaluation. Also, you must not have any foreseeable hope of moving up.
Your financial situation has been stabilized. If you are over the age of 50 and earn a minimum wage from your job, the court assumes that you have reached your maximum wage ceiling and have no chances of any fiscal change in the future.
You have shown good intention to pay your debts in the past. If you have made honest efforts to pay off your debts in the past, chances of your getting student loan discharge are raised quite high.
Student Loan Debt alternatives
If you think you don’t meet all the three requirements to file for student loan bankruptcy, then you should try to look out for the alternative options to discharge your debt. If you are employed with a company that advances bonuses, you can talk to your employer to help you pay off your debts. Instead of getting a vacation package or something else similar to that, ask for help with the real issue – student loan debt.
And you can also consider going back to school. While you are in school, your student load debt in put on hold and you make yourself capable of a higher paying job. Some times you can even ask your employer for some help for going back to school. Employers can help you to learn more skills.
Last but not the least, your hope is certainly the ultimate help. Student loan isn’t something that is impossible to deal with. Though it can be a tougher challenge compared to other kinds of debts, but you can resolve it.
If you need some help with Students loan bankruptcy in Dallas you need to contact an experienced lawyer.
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Harvard McIntosh is a free lance article author and legal expert with special interests in Students loan bankruptcy in Houston and Students loans bankruptcy in Fort Worth.
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