Of interest to the many Americans who have unpaid student loan debt they are unable to tackle: The Trump Administration indicated yesterday that it is considering allowing more borrowers to erase student debt in bankruptcy, signaling a new chapter in bankruptcy student loan forgiveness.
Anyone who has contemplated bankruptcy may well know, federal law prevents the discharge of student debt in a bankruptcy with very few exceptions. Because of the stringent standards for cancellation of student loan debt, few borrowers even attempt it and those who do are often victims of unequal treatment depending on a judge’s method of defining ‘hardship’.
With student debt doubling over the past decade, millions of Americans are in default putting more pressure on lawmakers to act. Many are hoping that the Administration’s willingness to look at the problem may revive efforts in congress to change the bankruptcy law.
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If you are facing a difficult financial situation, it is worthwhile to explore what bankruptcy protection can offer you and your family. Chapter 7 bankruptcy or Chapter 13 bankruptcy can provide a way forward. The consultation and case evaluation are completely free, so you have nothing to lose. Contact the Peoria, Illinois bankruptcy law offices of Charles E. Covey for more information regarding a fresh start bankruptcy at 309-674-8125.
