Current Bankruptcy News
The Department of Education and the Department of Justice have introduced new gudelines that makes it much, much easier and much, much more affordable to get student loan debt discharged as part of a bankruptcy proceeding.
The process requires what is called an “adversary proceeding” to be filed in the Bankruptcy Court. Basically, a student loan borrower must sue the federal government and demand that the governemnt dischargges their student loan debt. However, under the new guidelines, the Department of Education will agree to the discharge of your student loan debts so long as you satisfy the following requirements:
1. Present inability to pay;
2. Future ability to pay; and
3. Good faith
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