When many Ohio college students finish school, they have a considerable amount debt from student loans. In many cases, student loan debt is not easily resolved, but some individuals are having success in discharging such debt through bankruptcy. If parties who have considerable debt are interested in debt relief, they may wish to consider their bankruptcy options.
Some individuals may not consider bankruptcy because they believe it will not help in cases of student loans. However, different judges may consider student loans differently, depending on the circumstances involved. As a result, some individuals could have their debt partially or even fully discharged through the process. In one case with a woman in another state, she had her student loans discharged due to the conditions of her case.
Reportedly, the woman had suffered from mental health issues for several years, which negatively affected her ability to continue her education and maintain employment. As a result of her financial situation, the woman filed for Chapter 7 bankruptcy, and it was ruled that her student loans would be discharged. The ruling cited the woman’s undue hardship as reason for the discharge.
Student loan debt affects many individuals who have sought and are seeking an education. If Ohio residents are suffering from considerable debt, they may wish to consider debt relief options. In some cases, their circumstances may allow them to discharge student loans and other debt. Information on Chapter 7 or Chapter 13 proceedings may help interested individuals determine whether following through with such actions could help their financial situation and work toward a fresh financial start.
Source: The Huffington Post, “Another Consumer Wins in Bankruptcy Court and Discharges Student Loans“, Steve Rhode, Dec. 29, 2015