Student loans are not ordinarily forgiven in bankruptcy cases. The student may have the best intentions to repay. However, he may not find a job that pays as well as expected. If they are still unpaid years later, a Jacksonville FL Bankruptcy Attorney might be able to offer a solution.
It is usually not possible to discharge student loans as you would be able to discharge a bill owed to a credit card company. It is owed to the government and is inviolable. There is, however, one circumstance that will allow you to discharge the student loan.
That is if paying them off will cause what is called undue hardship. This hardship exists if someone does not earn enough to support himself and his dependents, if he has them. This will leave no money to pay off the loans. It must be proven to the court.
You cannot pay for internet service, cable television or cell phone service. The court also requires proof that your financial situation is unlikely to get better in the near future. Therefore, making loan payments will continue to keep you from buying the absolute necessities of life for you and any dependents.
His lawyer will file the required paperwork in federal court to seek an undue hardship status. This can be done in a chapter seven only because it discharges debt completely. A chapter thirteen, on the other hand, allows the petitioner to pay off his bills over a period of time.
When the petitioner wants to file a Chapter 13, he must prove he earns an income that is high enough. It must be sufficient to pay off his debt slowly and pay for living expenses. As your attorney can explain, the petition will be approved or denied by a federal judge.
The client may schedule a consultation with a lawyer to analyze available options. If he is eligible, the lawyer will file papers in federal court. There are fees for filing, attorney fees and court administration charges. Usually he is given five years to make all the payments required.
It is usually not possible to discharge student loans as you would be able to discharge a bill owed to a credit card company. It is owed to the government and is inviolable. There is, however, one circumstance that will allow you to discharge the student loan.
That is if paying them off will cause what is called undue hardship. This hardship exists if someone does not earn enough to support himself and his dependents, if he has them. This will leave no money to pay off the loans. It must be proven to the court.
You cannot pay for internet service, cable television or cell phone service. The court also requires proof that your financial situation is unlikely to get better in the near future. Therefore, making loan payments will continue to keep you from buying the absolute necessities of life for you and any dependents.
His lawyer will file the required paperwork in federal court to seek an undue hardship status. This can be done in a chapter seven only because it discharges debt completely. A chapter thirteen, on the other hand, allows the petitioner to pay off his bills over a period of time.
When the petitioner wants to file a Chapter 13, he must prove he earns an income that is high enough. It must be sufficient to pay off his debt slowly and pay for living expenses. As your attorney can explain, the petition will be approved or denied by a federal judge.
The client may schedule a consultation with a lawyer to analyze available options. If he is eligible, the lawyer will file papers in federal court. There are fees for filing, attorney fees and court administration charges. Usually he is given five years to make all the payments required.
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