Suggestion Of Bankruptcy Filing With Student Loans
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FAQ
Chapter 13 Bankruptcy Can Delay Student Loan Payments Since you are protected by the automatic stay, you do not have to make regular student loan payments during Chapter 13 bankruptcy. Your student loans will be paid through your Chapter 13 payments according to the terms of your plan.
If you can successfully prove undue hardship, your student loan will be completely canceled. Filing for bankruptcy also automatically protects you from collection actions on all of your debts, at least until the bankruptcy case is resolved or until the creditor gets permission from the court to start collecting again.
You may have your federal student loan discharged in bankruptcy only if you file a separate action, known as an "adversary proceeding," requesting the bankruptcy court find that repayment would impose undue hardship on you and your dependents.
Most Student Loans Are Not Dischargeable in Bankruptcy (They used to be dischargeable after seven years of repayment, but Congress changed all that in 1998.) Now, they only way to get rid of your student loans in bankruptcy is to claim that repayment of the loans creates an undue hardship.