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Student Loans Archives

College Costs, Debt And Savings

The cost of college and student loan debt is a hot topic in both the state and federal government.   While many efforts are underway to reign in these costs and the burden of student loans, there are some things that students can do on a smaller scale to help their financial situation each day.  

Can a past bankrutpcy harm your chances of getting a job?

In the event that you are denied employment by a private employer because of a bankruptcy you likely will not have rights against that employer.

Strategies to Recover After Bankruptcy

Bankruptcy might seem like the end of the road, but the stigma is not nearly as severe as it once was. In the past, it meant that the chances of getting approval on unsecured personal loans applications were practically nil, while even those lending firms who might be willing to take a chance would still be more likely to say no.

Misconceptions About Bankruptcy

Misconceptions About Bankruptcy Could Be Keeping Away Those Who Need Help

Beware of Bankruptcy Preparers-hire a well qualified lawyer to help you

Thousands of Milwaukee residents file for bankruptcy each year. A good number believe they can't afford a lawyer but are intimidated by the idea of trying find their way through a legal system they don't understand.

Student Loans Now a Bigger Problem Than Credit Card Debt

USA Today recently published an article explaining that Americans' student loan debt, which totals approximately $850 billion, now exceeds outstanding credit card debt in the U.S., which totals approximately $828 billion.

Can I discharge my Student Loans in Bankruptcy?

studentloans3.jpgDischarging student loans in bankruptcy is very challenging. In fact, the borrower's bankruptcy options on student loans have shrunk to a very few. Changes to the Bankruptcy Code in late 1998 made student loans non dischargeable, regardless of the age of the loan, unless the borrower can establish substantial hardship. Changes in 2005 made even private student loans non dischargeable. The only way the loan can be discharged is by proving that repayment of the loan will create an undue hardship on the debtor/borrower and his family. This standard is generally interpreted to mean that the debtor cannot maintain a minimally adequate standard of living and repay the loan. It usually requires a showing that the conditions that make repayment a hardship are unlikely to improve substantially over time. Many courts use the test for undue hardship found in the Brunner case. The Brunner case set forth the following requirements to allow one to get rid of student loans. Those requirements are: (1) that the debtor cannot maintain, based on current income and expenses, a "minimal" standard of living for herself and her dependents if forced to repay the loans; (2) that additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and (3) that the debtor has made good faith efforts to repay the loans. If you have student loans that you can't repay it is always suggested that you discuss your options with a qualified bankruptcy lawyer.

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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