You can file bankruptcy on student loans after 10 years. At what point does the time start?

Question

Does the time start from the date you took out the loan or from date the loan became due.

Answer 1

If you declare bankruptcy and want to discharge student loans, you must file a legal action in your bankruptcy called an adversary proceeding. You must prove that (1) you or your dependents cannot maintain a minimal standard of living if forced to repay the loan; (2) additional circumstances exist exist indicating that your financial state of affairs is likely to persist for a significant portion of the repayment period; and (3) you have made a good faith effort to repay the loan. The court does have to discretion to grant a partial discharge.

In reality, the concept of "undue hardship" is difficult to prove and nearly impossible without the assistance of any attorney. Please consult a local bankruptcy attorney for more information.

Answer 2

You cannot file bankruptcy on student loans anymore due to an act that was signed by Bill Clinton while he was in office, when he formed the U.S. Department of Education.

You can try, but you have to have an excellent reason to prove extreme hardship as to why you cannot repay the loan. The only reasons for getting out of paying a student loan back are one of the following: death, 100% disability, or extreme hardship. These are the ONLY reasons you can use, and you have to prove one or the other.

Answer 3

Actually that is no longer true. You cannot file bankruptcy on student loans.

Answer 4

I wasn't allowed to file bankruptcy on my student loans. I'm pretty sure you still can't. Anything else, yes, but not those.

Answer 5

u can NOT file bankruptcy on loans..u can have them permanently written off in case of disability but not bank.