Can I file bankruptcy on student loan debt?
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Can I file bankruptcy on student loan debt?
I am drowning in student loan debt and cannot find a good enough job to cover all of my expenses. I have heard that it might be possible to declare bankruptcy. I have over 60K in student loan debt and have almost $500 in student loan payments every month.
Asked on July 9, 2012 under Bankruptcy Law, South Carolina
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You cannot file bankruptcy on student loan debt. Student loan debt has not been a type of debt that could be discharged in bankruptcy for many, many years. You can file bankruptcy on your other debts if that would help or you can go to the Deparment of Education's website and read through the literature about programs you may qualify for and whether you have a qualified hardship. Try forbearance programs and also try to refinance your debt elsewhere.
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