What to do if I want to claim bankruptcy but I have student loans?

UPDATED: Dec 30, 2013

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What to do if I want to claim bankruptcy but I have student loans?

have been on disability for about 14 years. although the last 4 years I have been trying to return to work.. I have either gotten let go or dismissed because of not showing up (severe depression); I have had 14 jobs in the last 4-6 years.can I declare bankruptcy/ w/ my student loans included. I don’t see how i’m to pay 500 in student loans monthly, when my SSI check is $850. I keep applying for deferment/forbearances but I don’t know what to do.

Asked on December 30, 2013 under Bankruptcy Law, Illinois


Terence Fenelon / Law Offices of Terence Fenelon

Answered 9 years ago | Contributor

It is difficult to discharge student loans in most jurisdictions although it can be done upon a showing of hardship.  The burden varies throughout the nation.  Upon filing, it is imperative for you to file what is known as an adversary complaint seeking the discharge of the student loan.  If their are several with different lenders, each lender must be named and served, and possibly filed against in different complaint.  You bear the burden of proving that repaynment would impose a significant hardship.

I would advise you to seek Experienced bankruptcy counsel to represent you.  You didn't mention the amount at stake so the cost, benefit analysis must be left to you.  Good Luck

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