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Student Loan Discharged in Bankruptcy – Just a Blip, or Something Bigger?

This is something that could be gaining a lot of traction if it continues and more and more people are going to be able to declare bankruptcy over student loan debt. It doesn’t matter what kind of debt it is anymore, more people have been able to get their loans discharged with a bankruptcy. There are a few things that have to be happening in order for this to happen and their income must be lower than the loan, and they must have a lifestyle that will make it impossible for them to ever pay it, they also have to show that they tried to pay for the loans.

Key Takeaways:

  • A recent court ruling has challenged the past assumption that student loans were not discharged when bankruptcy is filed.
  • The debtor in the case, a Navy veteran, had a student loan balance of nearly $220,000.
  • According to the judge, the debtor met all the criteria of undue hardship, and his student loan debt was discharged.

“In Rosenberg v. N.Y. State Higher Education Services Corp. (Jan. 7, 2020), Chief Judge Cecelia Morris discharged the debtor’s student loans and vigorously pushed back on the “myth” that it is “impossible to discharge student loans.””

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