How You May be Able to Discharge Private Student Loan Debt in Bankruptcy
Very recently there have been some very encouraging decisions by bankruptcy judges considering the dischargeability of private student loans. A careful reading of Bankruptcy Code Section 523(a)(8) suggests that certain private student loans may be fully or partially dischargeable because of certain characteristics set out in the loan paperwork.
For example, private student loan debt that exceeds the cost of education may lose its protection as a “student loan.” There are other theories of dischargeability as well.
Many private student loan lenders have been quietly settling dischargeability litigation in an effort to avoid adverse precedent.
Even more significantly bankruptcy debtors who included private student loans in bankruptcies filed over the past few years have had success pursuing contempt actions for damages against lenders who have been actively collecting private loan debt that was, in fact, discharged as a matter of law in bankruptcy.
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