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This essentially gives you the opportunity to get a fresh start financially.
Your creditors have to write off the debt and they cannot contact you to try to collect the debt at any point in the future.
For instance, if you have a 30 year repayment period on your loans, you’ll need to show that your financial situation could not improve over the next 15 years.
So what exactly constitutes an undue hardship when it comes to getting your student loans discharged?
While the costs have gone up, the importance of getting a college degree is still there.You also have to be able to show that your current circumstances will persist for an extended period of time.You have to show that your financial condition will be the same for the majority of the life of the loan.It is theoretically possible to have all of your debts wiped out except for your student loans when you file for bankruptcy.Although it is difficult to get your student loans discharged through a Chapter 7 bankruptcy, it is not impossible.