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Student Loans Would Again Become Dischargeable Under New Bill

"Filing for bankruptcy should be a last resort, but for those student. to pay back their crushing student loan debt, it should be available. "With higher education costs continuing to rise nationwide, many new graduates. "While other forms of debt are dischargeable in bankruptcy, student loan debt is not.

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Federal student loans should once again be eligible for discharge in bankruptcy. All the way back in 1987, President Reagan’s then Secretary of Education, Bill Bennett, wrote an Op-ed in the New York Times entitled: Our Greedy Colleges .

Although most types of debt are dischargeable in bankruptcy, there is one notable and growingly troublesome exception: student loan debt. Student loan debt has become one of the top forms of personal debt in the U.S. and is causing a great deal of financial hardship to millions of Americans, yet there is no way to discharge these debts in.

Taxes on discharged student loans. student loan discharge could save you thousands of dollars in debt and interest, but it doesn’t always reduce your student loan bill to zero. When the government discharges your loans, the canceled balance might be treated as taxable income, as with Total and Permanent Disability Discharge.

Why is student loan debt treated differently than all other consumer debt?. citizens are using their Social Security checks to pay back student loan bills.. in new graduates declaring bankruptcy to unload their student loans.. with loaning money is that the person might not pay it back; common sense says.

Should student loans be discharged with no strings attached?. Student Borrower Bankruptcy Relief Act. The text of the bill is short and simple: it. And those who can afford to pay it back will refinance with a private bank at a.

He couldn't find a job, and the $60,000 in student loans he took on for a. But because his loans were for school, lawyers said it would be impossible.. card bills, an underwater mortgage, or even gambling debt, you can file for. but unfortunate debtor.a new opportunity in life and a clear field for future.

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Most debtors won’t be able to discharge (wipe out) student loan debt in Chapter 7 or Chapter 13 bankruptcy.However, if you can prove that repaying your student loans would cause an undue hardship to you, you can get rid of your student loans in bankruptcy.