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

Proposals made regarding student loan debt

For many people in Ohio who have gone to college in the last 10 to 20 years, the burden of student loans may continue to weigh on them, especially if they went on after receiving an undergraduate degree to pursue advanced or professional degrees. Regardless of the nature of a person's degree or line of work, they may well experience severe financial challenges that make them consider filing for bankruptcy. However, discharging student loan debt via a bankruptcy has to date been difficult if not impossible for many consumers.

As reported by MarketWatch, the American Bankruptcy Institute's Commission on Consumer Bankruptcy recently released a series of recommendations or proposals that, if heeded, may pave the way for more people to experience relief from their massive student loan burdens through a bankruptcy plan. The proposals attack the problem from multiple angles and include instituting new guidelines as well as amending existing ones.

Currently, a person must prove they are experiencing an undue hardship in order to potentially discharge student loans in a bankruptcy. The recommendations laid out options to expand how that undue hardship is identified in an effort to allow more people to take advantage of this avenue today.

One new proposal on the table is the allowance of private student loans to be discharged through bankruptcy. Another proposal would allow debtors to include student loans in a bankruptcy if they have had to pay on the loans for at least seven years. Eligibility for veteran's benefits or Social Security benefits may also provide a path to discharging student loan debt via 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