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Bankruptcy--Can You Discharge Your Student Loans? Finance Articles | May 26 Jimmy Garoppolo 49ers Jersey , 2011
Bankruptcy has been a life preserver for many Americans who have found themselves in the raging, frothy sea called unmanageable debt. Though there are ethical, financial, and practical questions one must ask themselves before deciding to go this route Jerry Rice 49ers Jersey , the truth is that many people have no other choice.


Unfortunately, student loans have become a major problem in this country. Students are taking out so much to go to school that they find themselves in a terrible financial situation upon graduation. And with the job market what it is, few can find the types of jobs that will allow them to pay down that debt in anything resembling an expeditious manner. If you are in that situation yourself, you may be wondering if you can turn to the court system for help.

The federal government has a hand in backing many student loans that go out to young college entrants each year. This is what makes it so easy for these institutions to offer gigantic loans to individuals who would probably not qualify for similar amounts for credit lines and other purposes. But there is a catch. Because the government is involved in backing those loans Joe Montana 49ers Jersey , they take the repayment of them very seriously. There is no chance of having your back taxes discharged through bankruptcy, and the same is true (almost) when it comes to student loans. Once you make the decision to take them, you?re almost certainly going to be held responsible for the balance.

There are exceptions to this universal truth. If you are someone who has become seriously disabled, you may have a chance of having your loans discharged through a bankruptcy court. This is exceedingly rare Mitch Wishnowsky Authentic Jersey , however, and would only come into play in cases where the disability is extraordinary. A bum knee that puts you on Social Security will not likely be enough for a court to determine the loan discharged.

If your student loans are not government backed in any way, they will likely count as being as eligible for bankruptcy as any other private loans. The same holds true if you have used credit cards or personal loans to pay for your education. While it is seldom advisable to go this route because of the interest levels typically being much higher than those you can get from a reputable student loan institution,

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