Can I dismissal My trainee Loans in Bankruptcy?

Student Loans Bankruptcy Chapter 7 - Can I dismissal My trainee Loans in Bankruptcy?

Two-thirds (65.6%) of 4-year undergraduate students graduated with a Bachelor's degree and some debt in 2007-08, and the median study loan debt among graduating seniors was ,186 (excluding Plus Loans but along with Stafford, Perkins, state, college and incommunicable loans). Among graduating 4-year undergraduate students who applied for federal trainee aid, 86.3% borrowed to pay for their study and the median cumulative debt was ,651.

Student Loans Bankruptcy Chapter 7

For those who have to repay a loan and are considering filing for bankruptcy, the ask on their mind would be: does filing for bankruptcy extraction my trainee load? Unfortunately, trainee loans are normally not discharged in the case of bankruptcy. According to chapter 7 Bankruptcy law the only time a loan might be discharged is if it would cause the debtor "undue hardships". The same basic rule also applies to chapter 13 Bankruptcy cases.

At one time, trainee loans were dischargeable in bankruptcy just as any other unsecured debt. Discharging trainee loans became popular during the 1970s, when students would file for bankruptcy soon after they ended their pricey education. However, the requirements for discharging trainee loans were changed in 1998.

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