Germantown, MD asked in Bankruptcy for West Virginia

Q: Other than discharge due to "undue hardship", can student loans be reduced or paid for through chapter 13?

I understand that discharging student loans is nearly impossible. You have to show "undue hardship" which is an impossible task in itself. I am more than willing to make payments but I cannot afford $1000's a month. Would bankruptcy help to (1) reduce the amount owed? (2) make my payments reasonable?; and (3) eliminate the remaining debt once chapter 13 is discharged?

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1 Lawyer Answer
Stuart Nachbar
Stuart Nachbar
  • Bankruptcy Lawyer
  • Livingston, NJ

A: No it will not reduce the amount or lessen the payments, except that it will usually go into deferment, but interest and late fees still accrue, so if you do a 13, continue to make some sort of payment to cover that

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