Consolidating private loans without a cosigner

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Getting your private student loans discharged during bankruptcy proceedings doesn’t happen automatically, as it’s not part of the basic bankruptcy process.To receive a discharge for your debt, you’ll need to file a petition (called an “adversary proceeding”) that requests a court judgment (called a “determination”) on whether or not you will receive approval for having your private student loan debt discharged.It’s important that you consult with a bankruptcy attorney on this point, because Chapter 7 and Chapter 13 bankruptcy’s work in very different ways.You’ll face very different consequences from the two types of bankruptcy if your request for discharge gets denied, so choosing the right one can stand to save (or cost) you tens of thousands of dollars.In 2018, is it still possible to get rid of your student loan debt by filing for bankruptcy? In fact, there’s never been a better time to attempt it, because it’s literally never been easier to wipe out your debt with a Chapter 7 or Chapter 13 bankruptcy proceeding.There’s only one caveat: getting approval for a student loan bankruptcy discharge does require proving that your student loan debt is causing an “undue hardship” on your life, meaning that it’s making it difficult for you to afford basic necessities (like food, housing, medical care, etc.).If you’re a new phone each year, taking vacations, and eating avocado toast, then you won’t qualify for a bankruptcy discharge, no matter how much you owe, or how little you make.

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If you have Federal loans, call the Federal Student Loan Relief Helpline at 1-888-906-3065If you have Private loans, call the Private Student Loan Relief Helpline at 1-866-530-99462016 was a huge year for student loan bankruptcy laws, in that several large court cases were settled favorably for the person attempting to discharge their student loan debt.

We can’t answer that question with any shred of accuracy, and to get an accurate answer, we’d recommend that you consult with a local bankruptcy attorney.

Courts in different parts of the country use different tests, but it appears to be up to the judge’s discretion (at least in some cases) on how this stuff is handled.

This set a precedent that made it far more likely that future cases would be handled in similar fashion, meaning that you have definitely got a shot at getting your loans discharged.

There are many signs that things are headed in the right direction for people with excessive student loans, and Donald Trump’s presidential victory is another indication that change is in the works, and that we may end up getting some bankruptcy reform (after all, he’s used Bankruptcy several times…

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