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cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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I have over 300k in student loans. Many are private and some

Customer Question

I have over 300k in student loans. Many are private and some are government. I am in deferment. I really don’t know where to go or what to do! Is there any accountability on part of the lenders for allowing me to take out so much over the past decade? Can they all be added in bankruptcy? Under the Brunner test, it mentions an attempt at repayment but I’ve been in deferment and not had to make payments.
Thought and suggestions please.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 5 years ago.

cortrightlaw : Unfortunately at this time bankruptcy is not likely to help your with your situation as you can not discharge student loans in most situation regardless if they are government backed or considered private loans. In order to discharge the debt you would have to demonstrate a severe financial hardship that is unlikely to improve. So if you are able to work then the court would not find the financial hardship to be severe enough as long as you had a way to make an I come and pay on your debt. There are rumblings that congress might take this subject up at some point and allow the debt to be discharged in the future through bankruptcy but to date no serious steps in that direction have been taken.
cortrightlaw :

Have I satisfactorily answered your question? If I have please remember to click the GREEN ACCEPT BUTTON so that I will receive credit and compensation for my time (doing so does not end our discussion), i will gladly clarify my response or respond to follow up questions if needed.