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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3 Responses

  1. Nicole says:

    Hi there! Can you help me if I’m in California?

  2. Matthew says:

    I will be driving back to California in 3.5 months. That will 7 months close to 8 months with no payments to the loan and credit card to US Bank and Citi Bank. I will have to use my debit card for gas getting home. Will they take the money from my checking account while I'm driving back to Ca? If they do I won't have money for gas while I'm driving. Will be driving almost 2,000 miles. Should I carry cash. I don't know what to do. Thank you sir.

  3. Matthew says:

    I am almost 5 months behind on Citi Bank card about $8000 Us bank card over $10000, Us bank line of credit over $10000 I can't pay them. I only make enough to pay my rent, phone, gas (just enough to get to work) and only some food, some days I go hungry. I will homeless when lease is up in 3.5 months. I have learning disabilities and no money for lawyer. I can't afford lawyer for several more months. I got stuck in Midwest been here almost a year. I am from California and when lease is up will quit job here and go back to California to try and get another job and be homeless there. It is warmer there. I will try to save for lawyer when homeless there. I don't know what to do. Will I get sued here first? And if I do and I move to California will they arrest me? I don't have any money. I make very little money. I just don't know what to do. I'm not mentally capable of defending myself. What should I do? Thank you sir.

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