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If I can't discharge my student loans in bankruptcy, what can I do about them? 

3/18/2013

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Believe it or not, it is possible to eliminate your student loans in a bankruptcy.  However, as we've discussed before in previous posts, it takes a showing of "undue hardship" to discharge student loans, and that is usually a very difficult process.  It's the rarest of exceptions, not the rule, for bankruptcy to eliminate student loans.  

So if bankruptcy cannot help you with your student loans, what can you do about them?

Once you understand that your student loans are here to stay, then you can start evaluating your options for repaying them.  And yes, you do have options!
Depending upon your particular type of student loan (Stafford, FFEL, PLUS, etc.), you have several options available to you for repayment of your loans, including:
  1. Standard repayment;
  2. Extended repayment;
  3. Graduated repayment;
  4. Income-Based repayment; and
  5. Income-Contingent repayment.
Over the next few weeks, we'll be looking at each of these repayment plans in detail, starting with standard repayment.   Until then, check out this link from the Federal Student Aid website.  It gives an overview of the different types of repayment plans available as well as links to other articles and information about each repayment plan.  
Restructuring student loans can be a complicated process with a lot of detailed rules and specific procedures.  If you or someone you know is interested in knowing more about their particular solutions for their student loans , consider meeting with a professional student loan auditor so that you can get an accurate understanding of your financial situation and learn more about your options for addressing your student loans.

Lodestone Legal Group practices in the areas of student loan restructuring, bankruptcy, debt negotiation and settlement,financial counseling, residential and commercial real estate, estate planning (wills and trusts),small business and corporate law, and proudly serves the cities of Franklin, Brentwood, Spring Hill, Thompsons Station, Fairview, Nolensville, Nashville, Madison, Antioch, Donelson, Hermitage, Old Hickory, Bellevue, Murfreesboro, Smyrna, La Vergne, and Cheatham, Davidson, Dickson, Hickman, Marshall, Maury. Rutherford, and Williamson counties.
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    LODESTONE 
    LEGAL GROUP, PLLC

    Lodestone Legal Group, PLLC is an association of attorneys whose practice areas include real estate, estate planning, bankruptcy, and general business and corporate services.

    Lodestone Legal Group, PLLC is located in the Cool Springs area of  Franklin, Tennessee and serves Franklin, Williamson County, and the greater Nashville area.


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LODESTONE LEGAL GROUP
​256 Seaboard Lane, Suite G-103, Franklin, TN 37067
​ Phone: 615-807-1240 |  Fax: 615-807-1468
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