Giving Student Loan Debtors A Fighting Chance
Thousands of debtors struggle to keep up with student loan payments around the country. For some of them, paying off the entire balance seems to be more of a fantasy than a future possibility. While trying to pay off student loans, borrowers can fall behind on other financial obligations and must declare bankruptcy to obtain relief.
At Marcus H. Herbert & Associates, our experienced bankruptcy team finds solutions to make payments more manageable and, sometimes, make them disappear altogether.
Will Bankruptcy Wipe Away My Student Loan Debt?
It can be difficult to discharge student loan debts, but it is not impossible. Bankruptcy courts apply a three-part test to each case to determine if repayment would cause an undue burden on the borrower. Under the Brunner test, the following elements must be proven:
- A debtor and his or her dependents cannot maintain a minimal standard of living if they repay student loans.
- There is no foreseeable change of circumstances in the future that would increase the borrower’s ability to pay.
- Good-faith efforts have been made to pay off the loan.
Recently, the Department of Education and Congress have been taking a second look at the Brunner test to clarify what undue hardship means. Our qualified lawyer can keep you up to date on any developments regarding the standards for discharging student loan debt and determine how they may affect your case.
We Can Help You Seek Relief
If you owe federal or private student loans, we will work with you one on one during bankruptcy proceedings to help reduce the burden. Attorney Marcus H. Herbert is a renowned litigator throughout western Kentucky and southern Illinois. After countless favorable verdicts, we can create a strong case to prove the elements of the Brunner test.
We can also work with you and student loan companies to evaluate other repayment options. We will assess the terms of your loan to find out if you are eligible for a new repayment plan, deferment or forbearance.
Contact Paducah’s Rising Law Firm To Learn Your Options
You do not have to bear the burden alone. We have successfully represented hundreds of clients to improve their financial future and, together, we can tackle your educational loans.