Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free

Bankruptcy discharge possible for some student loans

Individuals in Ohio may think that they cannot discharge their student loans in a bankruptcy, but this common assumption is not always true. In some circumstances, private student loans can be discharged along with other types of debt.

For example, loans made to schools that are not accredited by Title IV of the Higher Education Act are not protected. Although any type of school might be unaccredited, this lack of accreditation may be particularly common with vocational, trade or flight schools. Students at the school must also have access to Title IV federal loans.

Loans must meet other qualifications as well. They must be paid to people who are eligible students at the time, and they must be used for qualified educational expenses. The IRS determines what these terms mean, and if these elements are not in place, it may be possible to discharge the loans.

There are other common misconceptions about bankruptcy in addition to the belief that all student loans are protected. For example, some people may think that bankrupt individuals lose all their possession including homes and cars. However, it may be possible to keep a number of assets despite declaring bankruptcy. Some people may also believe that bankruptcy is for people who are financially irresponsible, but unemployment, medical debt and other unforeseen circumstances may make bankruptcy necessary. Bankruptcies also do fall off credit reports after a certain number of years, and it is possible to begin rebuilding credit prior to that time. Individuals who have private student loan debts or other debts that they cannot repay may wish to speak with an attorney who might be able to discuss the options including Chapter 13 or Chapter 7 bankruptcy.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions