Thompson Law Group, P.C.

You may have options if you can’t repay your student loans

If you struggle to repay your student loans, you are far from alone. An enormous percentage of those who carry student loans are unable to pay them at one point or another, but some people find that their loans are simply driving them into the ground, financially.

Should you find yourself facing untenable student loan debt, it is important to consider the options that you have carefully. In many instances, there are some opportunities for relief, but they usually require a great deal of documentation of your difficulties in order to justify discharge or cancellation.

The good news is that it is possible to discharges or cancel your student loans, at least in some cases. An experienced attorney who understands the nuances of student loan debt and repayment can guide you as you look at these issues in detail and build a strategy to protect your interests and find relief. You may even have opportunities to use a form of bankruptcy to address the matter.

Can you cancel your loans?

You may have heard of some people qualifying to have their loans cancelled. This does happen, provided that the individual in question meets certain requirements. Among others, these include:

  • Unemployment or specific economic hardship
  • Death or long-term illness, affecting income
  • Permanent or temporary total disability
  • Suffering identity theft
  • Serving in qualified capacity health care, law enforcement or uniformed service

These are not the only circumstances that may qualify you to cancel your loans, and even these may not completely qualify you in all circumstances. Even in scenarios where loan cancellation is possible, it is not usually simple or easy.

Student loans and bankruptcy

Some of the same requirements listed above may qualify you to discharge your student loans through bankruptcy, depending on the circumstances. Bankruptcy is a very powerful tool. Courts are usually willing to hear compelling reasons for discharge if you carefully prepare your bankruptcy procedure.

However, it is worth noting that bankruptcy does not always apply to student loans, so be sure that you understand the steps you must take in your own circumstances to increase the likelihood of discharge.

A properly prepared and carefully executed bankruptcy can offer you many forms of relief and help to ensure that your rights and priorities remain secure during this difficult financial season. Professional guidance from an experienced attorney can help you understand the specifics of your bankruptcy. It will ensure that you do not harm your own chances of discharges by keeping you within the strict guidelines and time constraints that bankruptcies impose.

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