They say, “If you repeat a lie often enough, it becomes the truth.” Well, one of the most common bankruptcy myths is that you can’t discharge any of your student loan debt through bankruptcy. While this is definitely true for most people, it isn’t technically true for everyone. You can discharge your student loan debt through bankruptcy—it’s just incredibly difficult. Even if you can’t discharge your student loan debt, discharging your other debts can make your student loans more manageable. If you meet the qualifications, you can discharge your student loan debt with the help of a Dallas bankruptcy lawyer. As a bonus, you’ll debunk one of the greatest bankruptcy myths in the process.
How to Discharge Student Loan Debt
This is one of the most popular bankruptcy myths, and for good reason—it’s extremely difficult to qualify for student loan debt bankruptcy, especially without the help of a bankruptcy lawyer. That said, if you can prove that paying back your loans would cause undue hardship, you can have your student loan debt discharged. Meeting with a bankruptcy lawyer will help you understand whether or not you pass what’s known as the “Brunner test.” The test takes into consideration:
· Standard of living. Would paying back all of your student loan debt affect your ability to maintain a minimal standard of living?
· Circumstances. Are the circumstances (such as employment, being a single parent, disability, etc.) causing your financial difficulty unlikely to change?
· Good faith effort. Have you honestly tried your best to pay back your student loan debt?
By answering yes to all three of these questions—and proving your answers are true—you can discharge your loans, thereby debunking one of the greatest bankruptcy myths of all time. However, it’s extremely difficult to meet all three of the Brunner qualifications. If you suspect you qualify, it’s extremely important to seek the help of a bankruptcy attorney. Because discharging student loan debt is one of the more difficult bankruptcy filings to achieve, working with a bankruptcy attorney can exponentially increase your chances for success.