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Student Loans in Philadelphia Bankruptcy

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If you are considering Chapter 7 or Chapter 13 bankruptcy, you may have questions about how your student loans will be affected. Learn more about Philadelphia bankruptcy in this presentation.

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Student Loans in Philadelphia Bankruptcy

  1. 1. STUDENT LOANS IN BANKRUPTCY
  2. 2. N fl ‘OFFICES OF ' DAVID M. OFFEN If you are considering Chapter 7 or Chapter 13 bankruptcy, you may have questions about how your student loans will be affected
  3. 3. kn»; " -’-’ ' t= :: - -. d d - ’ -L"-‘? .»~W~ “*5”. -', ’r’i71 “"' , -. -.-'-’: --; ', --if: d V K _ _<, rr' 3-; ii. -. r In most cases? you are not able to clear this type of debt through bankruptcy
  4. 4. EXCEPTION TO THE RULE
  5. 5. N fl TTTTTT w OFFICES OF ' DAVID M. OFFEN If you can prove that continuing to pay your student loans will create an undue hardship, it is possible that the debt could be discharged through bankruptcy
  6. 6. WHAT Is THE UNDUE HARDSHIP EXCEPTION?
  7. 7. N fl TTTTTT w OFFICES or ' DAVID M. OFFEN If you want your student loan debt to be cleared through bankruptcy, you must be able to show the court that paying them would be an undue hardship
  8. 8. l . , THE I. A' OFFICES OF ' " DAVID M. OFFEN There are two tests for determining if this is the case:
  9. 9. N @ THE I. A' OFFICES or ' DAVID M. OFFEN There are two tests for determining if this is the case: Brunner test Totality of the Circumstances test
  10. 10. BRUNNER TEST
  11. 11. ‘ ’| , THE I. A' OFFICES OF ' " DAVID M. OFFEN With the Brunner Test, your debt can be discharged if you meet these requirements:
  12. 12. N Z THE I. A' OFFICES OF ' DAVID M. OFFEN You can prove that your current situation will continue into the future You have made an honest effort to repay your student loans our income and expenses show that repaying the loans will not allow you to maintain a minimal standard of living
  13. 13. TOTALITY OF THE CIRCUMSTANCES TEST
  14. 14. N fl THE I. A' OFFICES or ' DAVID M. OFFEN With this, the court takes your entire situation, including your income and expenses, into consideration when making a decision
  15. 15. DoN’T CoUNT oN IT
  16. 16. If you are filing bankruptcy as a way to wipe clean student loan debt, you may soon find that this is not going to happen
  17. 17. N fl, THE I. A' OFFICES or ' " DAVID M. OFFEN You should never count on this debt being discharged, but instead consider it a surprise if you are eligible to do so
  18. 18. CONTACT A BANKRUPTCY ATTORNEY
  19. 19. N fl THE LAW OFFICES or ' DAVID M. OFFEN If you are unsure of how your student loan debt will be treated, consult with a bankruptcy attorney who can answer your questions and address your concerns
  20. 20. DAVID M. OFFEN BANKRUPTCY ATTORNEY www. getfreeofbills. com

If you are considering Chapter 7 or Chapter 13 bankruptcy, you may have questions about how your student loans will be affected. Learn more about Philadelphia bankruptcy in this presentation.

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