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Bankruptcy may help Ohio residents discharge student loan debt

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Many Ohio residents finish their higher education with a sense of accomplishment and ready to move forward on their chosen career paths. However, student loan debt is a common issue that many individuals face, and it is not unusual for that debt to cause considerable financial difficulties. It may come as a surprise to some parties, but bankruptcy could potentially help in such cases.

This information may be surprising because it is commonly stated that bankruptcy does not affect student loans. However, if individuals attempt to have their loans forgiven, they could potentially see at least a portion of their student debt discharged. Of course, there are various factors that may come into play, and individuals working to have their loans forgiven will need to prove why the relief is needed. 

The most common reason for discharging student loans is undue hardship. However, because this term has not been officially defined, there may be different avenues individuals could follow to prove that the hardship exists. Disabilities and/or health issues that prevent individuals from making their loan payments, the inability to meet the standard of living due to the payments, and showing that efforts have been made to make the payments may all be factors in proving undue hardship.

Addressing student loan debt through bankruptcy may seem like a complicated procedure. Many Ohio residents who are considering this route may wish to determine whether it could be right for them by gathering more information on the process as well as further assessing their particular cases. Discussing the situations with experienced bankruptcy attorneys may also help interested individuals during the decision making process.

Source: NerdWallet, "How to Get Your Student Loans Discharged in Bankruptcy", Devin Delfino, June 30, 2016

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