While a bankruptcy cannot discharge student loan debt in most cases, it can provide you with other debt relief and additional cash flow that can make paying your remaining debts much easier.
The Law Offices of Michael S. Schwartz can evaluate your case and recommend the right solution for you.
Chapter 7 bankruptcy - this solution can completely eliminate unsecured debts such as credit card debt and medical debt, while allowing you to keep most or all of your property. This would allow additional cash flow to make payments on nondischargeable debts, like student loans.
Chapter 13 bankruptcy - this solution can reduce many debts and allow you to repay non-dischargeable debts like student loans over time.
Another advantage of a Chapter 13 bankruptcy is that you can defer payment of student loan debt until after the bankruptcy (usually five years). During this time, you can work to increase your income so that at the end of the bankruptcy plan, you can then afford to make monthly payments for your student loans. We can discuss your desires and work to structure your repayment plan in a manner of your choosing.
In extraordinary circumstances, it is possible to obtain a discharge of student loan debt. Typically, these cases involve catastrophic injury victims who are unable to support themselves. Attorney Michael S. Schwartz has succeeded in obtaining a complete discharge of student debts for a number of people in this situation. If it appears possible, our firm will work to obtain a discharge for you.
For a free consultation with the Law Offices of Michael S. Schwartz, call 215-396-7900 or send us an e-mail.
We have offices in Southampton, Havertown and Perkasie to serve you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.