Q: If I were to bankrupt on defaulted student loans, would I be able to get another federal student loan shortly after?
I understand you have to prove undue hardship in order to bankrupt student loans. I need to go back to college and I'm not able to do so with the defaulted student loans. Thank you!
A: It is difficult if not impossible for a lawyer to say what a bank or other financial institution might do down the road. There is a new line of case analysis arising from a decision by the bankruptcy court in Poughkeepsie which has changed the terrain for analyzing student loan defaults and discharges.
You should talk to a lawyer in your community that does bankruptcy and see what the opinion is based on local practise.
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