Q: Is there anyway possible that I can discharge my federal student loans and private student loans in bankruptcy court?
A:We get a few questions about the subject of bankruptcy and students loans, and the best answer I can give is it really does depend on your personal situation. I do not want to state that this is impossible, but due to bankruptcy reforms in 1998 and 2005, it’s very rare for the average person to discharge federal or private student loans through bankruptcy.
Although your student loan can’t often be discharged in bankruptcy, a bankruptcy court may be able to ease an overwhelming debt burden. Some courts may discharge a portion of your student loans, but this is rare and varies by court.
In most cases, the judge will incorporate your student loans into your debt repayment plan under Chapter 13 bankruptcy. Any balance remaining after the payment plan ends will still be due, but your other debts should be paid off by then.
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