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More Consumers Successfully Discharging Student Loan Debt in Bankruptcy

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    student loan debt

    Not all forms of debt can be discharged through bankruptcy. Traditionally, non-dischargeable debts have included child support, spousal support, many court fines, and student loans.

    A growing number of consumers are struggling with unaffordable student loans, particularly people aged 60 and older. The Consumer Financial Protection Bureau (CFPB) reported recently that over the last decade, the number of older Americans with student loan debt has quadrupled.

    Many consumers are now being given an option for getting out from a mountain of student debt: bankruptcy. Since 2016, many bankruptcy courts have finally allowed borrowers to cancel private student loans using a legal argument that takes advantage of a vague definition of the legal definition of a student loan.

    According to federal bankruptcy law, borrowers can’t discharge debts made for “educational benefit” without shoving extreme financial hardship. This vague language can allow consumers to discharge their student loan debt by arguing the loan falls outside of this specific category. This argument is often successful on loans to attend a school that is not accredited or to study for a state bar exam.

    While this exception can help many student loan borrowers, it will only apply to a some private student loans, which account for less than 10% of the massive $1.3 trillion student loan market.


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    Are you struggling with debt you can’t afford to repay? Are you facing creditor actions like foreclosure, wage garnishment, or repossession? Bankruptcy may be the solution to end your nightmare and give you a fresh start. At VegasBK lawyers, we can help you explore your options to find the best solution toward a debt-free life, whether it’s bankruptcy, loan modification, or debt consolidation. If bankruptcy is the right solution for you, a Nevada bankruptcy attorney will help you choose the right chapter of bankruptcy and guide you through every step of the process. Contact the Las Vegas Bankruptcy lawyers at Vegas BK today for a free consultation with an experienced bankruptcy attorney in Las Vegas, Nevada. Call today to learn more about the benefits of bankruptcy and find out how it can help you get the peace of mind and debt relief you deserve.

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